Operational risk is an event risk where there is a wide range of events that can trigger losses. It can take place at which of the following levels noted in the examples below: a.Human error. b.All of the above. c.Outdated policy or procedures. d.Malfunction of a back-up system.
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Operational risk is an event risk where there is a wide range of events that can trigger losses. It can take place at which of the following levels noted in the examples below:
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- The International Organization for Standardization is the first globally recognized standard related to risk management: a) True b) Falsed) Explain when/how the company could increase the chance of catastrophic failure on the system?Which of the following risk responses is not considered risk transfer? a. Joining a third-party trust fund for employee benefits to settle retirement pay b. Paying for property insurance c. Transferring the location of warehouses away from major fault times and flood-prone areas d. Creating advances to employee accounts for losses in inventory and cash shortages
- The average warehouse receives, counts, and inspects thousands of items of varying shapes and sizes from hundreds of vendors whose picking, packing, and shipping practices are all different. It is not surprising that receiving can be one of the most complicated functions of warehouse processes. Errors in receiving, unlike most other errors in your warehouse, have a ripple effect. If you cannot get your receiving process running smoothly, you will run into near-future scenarios where product will be sitting on your receiving dock, or on pallets in a corner. Your pickers will waste time looking for them. Directions: List five factors to determine put-away locations for a retail store warehouse. Justify your choice of factors. How does Cross-docking help to reduce operating costs for a warehouse? Describe two key activities involved in the cross-docking process in a Walmart distribution centre where products are received in bulk from suppliers and are grouped and distributed in smaller…Three (3) computers together provide a replicated service. The manufacturers claim that each computer has a mean time between failure of five days; a failure typically takes four hours to fix. What is the availability of the replicated service?Which of the following level of operational risks relates to model errors and losses arising from activities such as design and engineering and test procedures? Select one: a. Process Risk b. Technology Risk c. Technical Risk d. People Risk
- Non-inventory goods were purchased and delivered on June 15, 2010. Several security interests exist in these goods. Which of the following security interests has priority over the others? Group of answer choices purchase money security interest perfected June 24, 2010 Security interest perfected June 20, 2010 Security interest attached June 15, 2010 Security interest in future goods attached on June 10, 2010Which of the following best defines risk management? * A physical feature or operational attribute that renders an entity, asset, system, network, or geographic area open to exploitation or susceptible to a given hazard. The management of the consequence of something happening, described in either quantitative terms of probability or frequency. The potential for an unwanted outcome resulting from an incident, event, or occurrence, as determined by its likelihood and the associated consequences. A process of identifying the potential for an unwanted outcome, determining what to do about it from among the available alternatives, and then doing it.a bread manufacturer relies on maintenance employees to keep its rather quite old production equipment for their operation. Whenever the equipment breaks down, the maintenance team is able to repair the equipment quickly. However, they are less effective at avoiding these breakdowns and cannot predict when the equipment will break down. The maintenance group has modified the equipment over the years and, in any event, the manufacturer of the equipment is no longer in business. The maintenance employees teach each other how to repair the equipment, but have refused to document any of this information (saying that it is too difficult to document these details). The company owner has thought about firing the maintenance staff unless they document the maintenance procedures, but realizes that there is no one else who can repair the equipment. Discuss or explain the sources or types of power and contingencies (moderator) of power among the maintenance employees in this situation.
- For each scenario suggest a control that could be used to reduce the risk. Entering negative values for order quantity in a sales order Selling to a customer with an overdue account Ordering from a non-existent supplier Paying for goods that have not been received Entering an alphanumeric customer ID when the business policy is for numeric customer IDs Misappropriation of goods by receiving staff, who also maintain inventory records Ordering too much of a product 8. You are required to list and explain three advantages of computer-executed control activities compared to manually executed control activities.The Ingham Italian Festival would be an example of which type of event? Minor event Major event Hallmark event Mega event None of the aboveThe following are commonly performed tests of controls and substantive tests of transactions audit procedures in the sales and collectioncycle:1. Account for a sequence of shipping documents and examine each one to make surethat a duplicate sales invoice is attached.2. Account for a sequence of sales invoices and examine each one to make sure that aduplicate copy of the shipping document is attached.3. Compare the quantity and description of items on shipping documents with therelated duplicate sales invoices.4. Trace recorded sales in the sales journal to the related accounts receivable masterfile and compare the customer name, date, and amount for each one.5. Examine sales returns for approval by an authorized official.6. Review the prelisting of cash receipts to determine whether cash is prelisted daily.7. Reconcile the recorded cash receipts on the prelisting with the cash receipts journaland the bank statement for a 1-month period.a. Identify whether each audit procedure is a test…