Q.71Xiao Bing, head of compliance at OceanAsian Bank, quoted a key governance principle related to risk dataaggregation provided by the Basel Committee, which states that "a bank should be able to generate aggregaterisk data to meet a broad range of on-demand, ad hoc risk management reporting requests, including requestsduring stress/crisis situations, requests due to changing internal needs and requests to meet supervisoryqueries".Which of the following principles is Bing referring to?ABDAccuracy and IntegrityCompletenessAdaptabilityFRM Part 1 & 11 CartVTimeliness

Brief idea on Basel Committee's Principles for effective risk data aggregation & risk…

Answered: Q.71 Xiao Bing, head of compliance at…

Essentials Of Investments

11th Edition

ISBN:9781260013924

Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Chapter1: Investments: Background And Issues

Section: Chapter Questions

Problem 1PS

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Question 7 Z scores are: A. Used to evaluate the quality of imaged files B. Used to identify outliers in data C. A fraud score based on ISO standards D. Issued by the SEC to identify public companies that are experiencing risk assurance problem ReplyForward
Risk management practice has seen significant development in recent time’. Provide a critical assessment of this statement
The Committee of Sponsoring Organizations of the Treadway Commission's (COSO's) Internal Control—Integrated Framework provides a model for organizations to design and implement an entity-wide system of controls. Which of the following BEST (select one) describes the purpose of the COSO model? a) To provide a tool to perform risk assessments b) To motivate employees to maintain a culture of compliance c) To provide auditors with a detailed work pogram to perform audits d) To provide a model to help organizations better design, implement, and assess internal contreol thereby supporting governance objectives
Why was it import for Washington Mutual to have an internal risk assessment and auditing process?
4. Many organizations implement assurance layering strategies to mitigate the risks they face to acceptable levels. One such strategy is the Three Lines of Defense model. a. Describe the first and second lines of defense included in this model. b. Explain what distinguishes the third line of defense from the first two. c. Discuss how the three lines of defense are coordinated. d. Identify the external sources of assurance that organizations use to augment their internal lines of defense.
14.Which of the following control objectives in the General Ledger activities under the Record-to-Report process is least likely to have more extensive audit procedures for a business in an industry with fewer regulations? Group of answer choices To ensure that the general ledger and management accounts are accurate, reliable, and appropriately reflect the structure and operations of the organization. To ensure that the accounting records are maintained in accordance with the prevailing laws, regulations, and professional good practice. To ensure that the accounting information can be used to generate all the required statutory published accounting statements. To ensure that the accounting data is capable of meaningful and accurate analysis to support management decisions and actions.
With reference to COSO, outline 5 key characteristics of enterprises risk management as applicable to a banking institution
Numbers, 4,5,6,7,8,9,10 determining risks
14. Which of the following tasks that the auditor may perform in relation to Risk Management without any reservation? Group of answer choices Facilitating identification and evaluation of risks Setting the risk appetite Giving assurance on the risk management process and provide recommendation Taking accountability for risk management
$1. The assessed level of control risk can be expressed in quantitative or non-quantitative terms.S2: During the understanding of the internal control structure, the auditor is not required to evaluate the operating effectiveness of the control policies and procedures.$3: For a small business that has a simple internal control structure, a written narrative maysuffice but for a large entity that have complex control structures, a combination of the three methods may be considered appropriate. A: Ifall statements are correct.B-If only one statement is correct.C- If only two statements are correct.D- If all statements are incorrect.
b. Define "Operational Risk" and write the names of any 3 sources of operational risk, as defined by the Bank of International Settlements (BIS).
Question 18 According to the PCAOB, during the audit of internal controls for an issuer (public company), the ultimate objective of testing the design effectiveness of internal controls is to: Determine whether the company's controls are processing data effectively. Determine whether the company's controls will satisfy control objectives and prevent or detect errors or fraud that could result in material misstatements to the financial statements. Determine that the company's employees are processing the controls according to policy and procedures manuals at the company. None of the answers provided are correct..

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