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