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Involves identifying, and mitigating risks to minimize potential losses and optimize decision-making in various domains such as finance, and insurance.
Provides information about systems/threats and detailed scenarios for each potential attack.
It is the transfer of live transactions to an off-site facility.
The cause and effect relationships are not known and the future is highly unpredictable under conditions of certainty.
Immediate determination of the scope of the breach of confidentiality, integrity, and availability of information and information assets is called loss of confidence.
To get any of these sites up and running quickly, the organization must be able to move data into the new site’s systems.
Substitutions are usually fixed temporary or permanent controls.
Fraud investigations are fact-finding missions.
It is a bulk batch-transfer of data to an off-site facility.
Business continuity planning ensures that critical business functions can continue if a disaster occurs.
Interests of agents (management) are the same with those of security holders, particularly from those of stockholders.
The best risk control measure is assessment.
Which of the following is considered to be part of the external organization?
When a manager lacks perfect information or whenever an information asymmetry exists, risk arises.
Business risk can be defined as uncertainties or unexpected events, which are beyond control.
Which of the following is not part of the policy?
It is a measure of the individual's implicit preference, for each policy in the risk environment.
_________________ are smaller than bacteria and work by invading a cell and taking over its genetic machinery to copy themselves.
Fraud risk exposure should be assessed periodically to identify potential events the organization should mitigate.
A reporting process should be in place to solicit input on potential fraud.
_____________________ involves prevention (reducing the likelihood that the risk will occur) or mitigation, which is reducing the impact it will have if it does occur.
A decision is “Pareto optimal” (or efficient solution) if it is not dominated by any other decision.
_____________________ the risk means deciding that some risks are inherent in doing business and that the benefits of an activity outweigh the potential risks.
The value of any asset is the Present Value of all future cash flows it is expected to provide over the relevant time period.
A contingency plan includes the following except:
The overall planning for unexpected events is called________________________________.
Another category of risk that includes turnover and supplier failure.
Another risk management process that will show you where to spend your time and money, and allow your team to prioritize their resources.
The corporate governance framework should recognize the rights of stakeholders as established by law, and encourage active co-operation between corporations and stakeholders in creating wealth, jobs, and the sustainability of financially sound enterprises, it is known as fairness.
What is the last step in risk management process?
Business has many risks but it can't be avoided at all.
All are information gathering techniques except for:
Corporate Governance is a primary driver of firm specific and market risk in valuation approaches.
Prevention techniques should be established to uncover fraud events when preventive measures fail or unmitigated risks are realized.
Affect overall control environment.
Hazard Management is the responsibility of both employees and management.
Risk is a consequence of uncertainty.
If we have perfect certainty, we still have risk.
Flexibility typically has value by acting as a way to lessen the negative impacts of uncertainty.
These are hazards such as unsafe working conditions, unsafe highways, criminal assault, and poverty.
Crisis management is a set of focused steps that deal primarily with the people involved taken during and after a disaster.
A risk management process that is based on experience and internal history.
Investors must be compensated for accepting greater risk with low expected returns.
It is a general way of classifying risk preferences.
The amount of acceptable risk is called risk adverse.
___________________________ is the “set of encouraged and acceptable behaviors, discussions, decisions and attitudes toward taking and managing risk within an institution.
Which of the following is not one of the characteristics if a corporate form of business organization?
The culture of a group arises from the repeated behaviour of its members.
The following influences organizational culture except for:
Timeshares are like an exclusive use site and are owned.
When assets are physically protected, they are more likely to be stolen.
Managers who follow utility theory analyze the size and nature of the risk involved in choosing a particular course of action.
Preference theory is based on the notion that individual attitudes towards risk vary.
How can hazards be identified?
To _______________ a risk, the organization simply has to not participate in that activity.
What is the first phase in Project Management?
Insufficient working capital results in
A risk-adverse person leans away from risk, seeking as much security as possible.
It is the last line of defense against a hazard, so while it shouldn't be your first choice when controlling risks, it can give added protection for any remaining level of risk, or should other controls fail.
Those that are indifferent to uncertainty.
The following are components of Contingency Planning except:
Actual outcomes for an event or situation often the same with that of expected outcomes.
Only rudimentary services and facilities kept in readiness.
The risk of fraud declines dramatically if multiple employees are involved in different phases of a transaction, since fraud requires the collusion of at least two people.
Which of the following is the first step in risk management process?
Business risk is the possibilities a company will have lower than anticipated profits or experience a loss rather than taking a profit.
At an extreme level, the effects of fraud can even shut down a company.
Categorize the risks to make them easier to handle.
The process involved with identifying, analyzing, and responding to risk is called Operations Management.
Which is not a tool used in risk management?
A key question for any risk assessment is how exactly you are going to identify the risks.
Corporate Governance structures include the following except:
These are chemicals, types of radiation, or certain viruses that can cause or promote cancer.
It is the uncertainty about a consequence.
Integrate RM into all phases of missions and activities is not one of the RM principles.
Find the expected value with the following: Choice A: P 250.00 Choice B: 60% chance of P250.00, 40% chance of P0.00 EV= ?
Fraud risk assessment is where techniques should be established to avoid fraud risk events and mitigate impact on the organization.
The best method of controlling a risk is to eliminate the hazard.
Those who fear loss and seek sureness.
It is not necessary to have a written policy to convey the expectation of the board of directors and top management regarding managing fraud risk.
Good risk management doesn’t have to be resource intensive or difficult for organizations to undertake or insurance brokers to provide to their clients.
Strategic risk includes the following except:
A condition of certainty exists when the decision-maker knows with reasonable certainty what the alternatives are, what conditions are associated with each alternative, and the outcome of each alternative.
Any situation or circumstance in which a loss is possible, regardless of whether a loss occurs is called loss avoidance.
Decision trees are the less powerful analysis tool.
Risk response includes mitigation & contingency plans.
These are chemicals that cause harm or birth defects to a fetus or embryo.
Which of the following is not a purpose of a Corporation?
A pathogen is an organism that can cause disease in another organism.
These are rules and systems to carry out the work.
Whether the risk is insurable or non-insurable, only the loss can be shared but the risk remains.
Find the expected value with the following: Choice A: P 300.00 Choice B: 70% chance of P300.00, 30% chance of P0.00 EV= ?
.If there is a ready market for the resale of stolen goods (such as for most types of consumer electronics), this presents an increased temptation to engage in fraud.
A risk is the probability of suffering harm from a hazard that can cause the following except:
Risk assessment is the process of using statistical methods to estimate how much harm a particular hazard can cause to human health or to the environment.
An effective system of internal controls should exist in all organizations to:
Embedded within business process applications, such as accounting software.
Crisis management team manages event through:
Enterprise Risk Management (ERM) replaced traditional risk management (TRM), it expands upon TRM’s practices and techniques to consider more risks and offer additional solutions to finance or manage them.
The hierarchy of controls is simply a list of the 5 best control measures, in order of priority.
_______________________ involves giving responsibility for any negative outcomes to another party, as is the case when an organization purchases insurance.
Thyroid disrupters cause growth, weight, brain, and behavioral disorders.
Project problems can be reduced as much as 90% by using risk analysis.
Gamble is defined as the relative variation of actual loss from expected loss can be statistically calculated by some measure of dispersion.
The corporate governance framework should ensure that timely and accurate disclosure is made on all material matters regarding the company, including its financial situation, performance, ownership, and governance structure, it is known as transparency.
Uncertainty means having only one potential outcome for an event or a situation
Separation of ownership and control implies agency relationships.
The corporate governance framework should protect shareholder rights and ensure the equitable treatment of all shareholders, including minority and foreign shareholders, is known as responsibility.
If an organization gradually formalizes its risk management process and develops a risk culture, it will become more resistant to change.
These are hazards such as fire, earthquakes, volcanic eruptions, floods, and storms.
Which of the following best describes the primary objective of a fraud investigation?
Which of the following is not a type of hazards?
Which of the following is an example of neurotoxins?
Risk Premiums vary with specific issuers and issue characteristics including:
Risk is anchored on a continuum of maximizing value and minimizing losses.
Catastrophic, critical, moderate, and negligible describe in the risk assessment matrix as level of severity of an adverse event's effect.
Find the expected utility with the following:
}Corporate Governance is at the intersection of strategy, control and finance
Find the expected value with the following: Choice A: P 200.00 Choice B: 70% chance of P150.00, 30% chance of P0.00 EV= ?
The following are the core values of the OECD corporate governance framework except for:
Diagram that describes a decision and probabilities associated with the choices is called quantitative risk analysis.
When a bidder makes an offer for another, it will usually inform the board of the target beforehand. If the board feels that the value that the shareholders will get will be greatest by accepting the offer, it will recommend the offer be accepted by the shareholders, this is known as "Friendly Takeover".
The following are causes of business risk except:
Corporate structure is a system of relationships, defined by structures and process.
Statistics—a mathematical statement about the likelihood that harm will be suffered from a hazard.
The risks which can be recovered are called ______________________.
The greatest risk from exposure to low levels of arsenic is brain damage in fetuses and young children.
The interests of the various security holders are the same.
The business corporation is an instrument through which capital is assembled for the activities of producing and distributing goods and services and making investments.
Find the expected value with the following: Choice A: P 150.00 Choice B: 60% chance of P150.00, 40% chance of P0.00 EV= ?
All are part of the internal organization except:
These are chemicals or forms of radiation that cause mutations, or changes, in the DNA molecules found in cells, or that increase the frequency of such changes.
Corporate governance deals with the ways in which suppliers of finance to corporations assure themselves of getting a return on their investment.
It is one of risk categories that includes fires of injuries.
Successive anonymous questionnaires on project risks with responses summarized for further analysis is known as root cause analysis.
Real Options theory provides a means of estimating financial value of flexibility.
Find the expected value with the following: Choice A: P 500.00 Choice B: 60% chance of P500.00, 40% chance of P0.00 EV= ?
Two key tasks of crisis management team:
It is something that has the potential to cause harm to people, property or the environment.
The contingency plans should ensure that interfacing systems are identified and contingency/disaster planning coordinated.
Fully configured computer facility with all services are called _____________________.
Includes controls within IT processes support, such as program development and changes.
A ___________________ is the amount paid by a (risk averse) individual to avoid risk
______________ are singe-cell organisms that are found everywhere.
Risk Management includes maximizing the results of positive risks and minimizing the consequences of negative events.
Which of the following is not part of the economic organization?
Corporate Governance is at the intersection of strategy, control and finance
A successful risk assessment must check existing controls, and assess if more should be done to prevent harm.
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