For an enterprise wide risk management program to be most effective, it should be led by which of the following? A.A management committee.B.The chief audit executive.C.A centralized coordinator.D.Audit committee members.

Risk management program An organization's structured procedure for identifying, evaluating, and…

Answered: For an enterprise wide risk management…

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Chapter8: Subprime Lending Fiasco-ethics Issues

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Enterprise risk management A. Guarantees achievement of organizational objectives. B. Requires establishment of risk and control activities by internal auditors. C. Involves the identification of events with negative impacts on organizational objectives. D. Includes selection of the best risk response for the organization.
1. Looking at the COSO framework for Enterprise Risk Management, you will notice that this is present all throughout the various functions and levels in an organization. This is to ensure that policies and procedures are followed in making risk responses and implementing company's directives. A. Control Activities B. Risk Assessment C. Monitoring Activities D. Risk Culture
. According to COSO, which component of enterprise risk management (ERM) addresses an entity’s operating structures and core values? A. Review and revision. B. Governance and culture. C. Strategy and objective-setting. D. Information, communication, and reporting.
Following is a list of internal controls. Select the COSO component that best matches each internal control. Internal control a. Implementation of policies to reduce risk of internal control failure. b. Reporting of internal control effectiveness to investors. c. Evaluation of internal control effectiveness by external auditors. d. Identification and management of risks. COSO Control activities Information & communication Monitoring Risk assessment Control environment Assessm
Who has primary responsibility for overseeing the establishment, implementation, and evaluation of risk management and controls? I Operating managers. B) Internal auditors. External auditors. Senior management
Internal control system is effective in managing risk, who is responsible to ensure the effectiveness: Chief Executive Officer Auditor Management Audit Committee
Which of the following are true regarding internal auditors and the adequacy of an organization's risk management process 1. Internal auditors must understand the risk assessment process and the tools used to make the assessment II. Internal auditors should determine the level of risks acceptable to the organization III. Internal auditors need to be satisfied that the key objectives of risk management processes are being met IV. Internal auditors should evaluate management's risk processes the same way they analyze risk when planning an engagement O I II, III and IV O None of the choices O , Il and III only O l and Il only
1. How does internal control impart on the achievement of organization’s goals? 2. Why risk management process is essential in addressing risks that the organization is facing? 3. Differentiate qualitative and quantitative assessment of risks.
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.
Which of the following are true regarding internal auditors and the adequacy of an organization's risk management process I. Internal auditors must understand the risk assessment process and the tools used to make the assessment II. Internal auditors should determine the level'of risks acceptable to the organization III. Internal auditors need to be satisfied that the key objectives of risk management processes are being met IV. Internal auditors should evaluate management's risk processes the same way they analyze risk when planning an engagement O , II, III and IV O None of the choices OI, Il and III only O l and II only O l and III only
IT auditors assist organizations by evaluating business and IT-related risks and the effectiveness of the organization's system of internal controls thereby providing to key stakeholders. a) Internal control b) Risk mitigation c) IT governance d) Assurance

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For an enterprise wide risk management program to be most effective, it should be led by which of the following? A. A management committee. B. The chief audit executive. C. A centralized coordinator. D. Audit committee members.