COSO Enterprise Risk Management Framework
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The COSO Enterprise Risk Management Framework ___
A. stresses that effective risk management is comprised of just three interrelated components: internal environment, risk assessment, and control activities.
B. helps management manage uncertainty, and its associated risk and opportunity, so they can create and maintain value.
C. helps management set risk management policies that, if enforced, guarantee achievement of corporate objectives.
D. stresses that risk management is the sole responsibility of top management.
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- 2. Which of the following is not a benefit of risk mapping and prioritization? a. The results help an enterprise to communicate better its risk aggregated risk profile to key external stakeholders b. Risk maps are key graphical representations of the variance in risk appetites across different divisions within an organization c. Ranking risks by their level of severity helps an organization determine the optimal allocation of resources devoted to risk response or treatment d. Helping the enterprise identify how certain risks can offset other risks to ensure that the enterprise maintains an overall risk profile that remains within risk capacityA small business has the following data security issues: i. The hard drive of one computer crashed. ii. A hacker was able to view private files. iii. Malicious software corrupted accounting files. iv. Someone broke into the office and stole three computers. v. A power surge caused damage to a computer. You have been hired as Data Security Officer. State the category of risk to which each issue belongs and recommend a risk management strategy that could be applied. Suggest a different strategy for each issue and give reasons for your recommendations.You are required to assess key functions including risk management and compliance for J.P Morgan Chase, and present a written report based on J.P Morgan Chase on the following in 2,000 words: Risk management framework – Conduct an analysis of the risk management process/ framework implemented at the J.P Morgan Chase (including risk assessment and risk control mechanisms). You are required to report on key risks that the institution is exposed to and explain aspects of the framework, emphasizing the effectiveness of the risk management strategies used. Anti-Money Laundering and Terrorist Financing Strategies – Discuss with examples, J.P Morgan Chase approaches/ strategies to combat money laundering and terrorist financing issues. Statutory legislation and compliance - Explain the importance of financial institutions meeting regulatory requirements. Comment on specific legislation that J.P Morgan Chase must be compliant with.
- SIMPLE ANSWER A)Discuss the relationship between Contingency planning security risk management and business continuity. B) Contingency planning, Disaster recovery, and business continuity are pure management activities. Explain what makes it part of information security?In 5 to 8 sentences, answer the question: Am I a risk taker or am I risk averse? Since risk is inherent, what actions do you do to minimize the impact of risk in your daily activities? Provide a concrete example or situation and discuss how you minimize the risks present. Definition of Terms:• Risk• Risk Management• Uncertainty• Risk averse• Risk tolerance• Mitigated Risk• Risk analysis• Risk avoidance• Probability• Consequence1. Research and identify three IT-related Risk Management Plans and list your references to the three plans you found. 2. Then identify 10 important components of an IT Risk Management Plan and define these components as well as their importance in an organization. Along with your research here is a very good site that provides various templates. If you are to use such templates please remember to cite and ensure you use your own words or paraphrase.
- 3. Following COSO Framework, the board's responsibilities for effective reporting of risks should include which of the following? a. Inserting specific engagements relating to risk management into the annual audit plan b. Assuring success in management of key risks c. Selecting the specific techniques regarding event identification to be considered in the risk management process d. Regularly reviewing the key risks against risk appetiteRisk is present in every business decision. In information security it is often said that you cannot protect everything. What are the critical steps in understanding risk and employing risk mitigation practices? Be sure to address:- Risk Identification and prioritization- Discuss the steps in Risk Assessment- The importance in documenting results19. Which of the following is not a key activity that internal audit can engage in facilitating risk identification and evaluation with a management group? a. Asking the group to spontaneously come up with any risks that may exist b. Gathering data from other industry groups or from leading metrics c. Distributing a set of questions in advance to draw input from the group anonymously d. Creating a risk checklist and distributing it to the group members for ranking
- Analyze the retail environment in which the organization operates, including the current protocols and policies in place related to information assurance. b) Evaluate the threat environment of the organization. c) Based on your analysis and evaluation, what are the best approaches for implementing information assurance principles? Where do you see the most important areas for improvement to current protocols and policies? d) Assess the threats to and vulnerabilities of the organization by creating a risk matrix to outline the threats and vulnerabilities found and determine possible methods to mitigate the identified dangers.As a consequence of the diversity of risk, risk management requires a … approach. 1. narrow 2. modern 3. broader 4. traditional35. The term risk escalations refers to a. The increase in an enterprise's risk profile resulting from previously unknown risks arising from changes in the internal or external environments or changes to the organization's objectives and activities b. Weaknesses in the internal control system that raise residual risks beyond the limits of the risk appetite c. The process of and procedures for reporting risk incidents up the chain of command d. Risks that have materialized as events 36. Which of the following audit engagements is least likely to be performed by internal auditors solely as consulting, rather than an assurance or "blended" category? Systems development review Control self-assessment Financial statement Business process mapping Question 37 What is the greatest challenge that is unique to conducting and interpreting risk prioritization exercises? a. Risk analysis, evaluation, and prioritization are processes that require regular updates b. The…