Which of the following is not a factor of internal environment according to the COSO Enterprise Risk Management Framework?

analyzing past financial performance and reporting More test answers on https://studyhippo.com/acc-5130-quiz-12-chapters-8-9/

75) Which of the following is not a factor of internal environment according to the COSO Enterprise Risk Management Framework?

A) Analyzing past financial performance and reporting More test answers on https://studyhippo.com/ais-final-teacher-notes/

Which of the following is not an advantage of establishing an enterprise risk management system within an organization? (1) Reduces operational surprises. (2) Provides integrated responses to multiple risks. (3) Eliminates all risks. (4) Identifies opportunities.

(3) Eliminates all risks. An enterprise risk management system cannot eliminate all risks. More test answers on https://studyhippo.com/audit-chapter-7/

Which of the following is not one of the risk responses identified in the COSO Enterprise Risk Management Framework?

Monitoring More test answers on https://studyhippo.com/acc-324-ch-7/

10) Pam is a receptionist for Dunderhead Paper Co., which has strict corporate policies on appropriate use of corporate resources. The first week of August, Pam saw Michael, the branch manager, putting pencils, pens, erasers, paper and other supplies into his briefcase on his way out the door. This situation best reflects a weakness in which aspect of internal environment, as discussed in the COSO Enterprise Risk Management Framework?

A) Integrity and ethical values More test answers on https://studyhippo.com/acct-ch-7/

Pam is a receptionist for Dunderhead Paper Co., which has strict corporate policies on appropriate use of corporate resources. The first week of August, Pam saw Michael, the branch manager, putting pencils, pens, erasers, paper and other supplies into his briefcase on his way out the door. This situation best reflects a weakness in which aspect of internal environment, as discussed in the COSO Enterprise Risk Management Framework?

Integrity and ethical values More test answers on https://studyhippo.com/acc-324-ch-7/

4.20 Enterprise risk management is the responsibility of: a. company management b. the external auditors c. the company’s insurance providers d. all of the above

a. company management More test answers on https://studyhippo.com/ch-4-management-fraud-and-audit-risk/

Enterprise Risk Management is the responsibility of:

Company Management More test answers on https://studyhippo.com/auditing-and-assurance-chapter-4/

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Enterprise Risk Management Flashcards, test questions and answers

Discover flashcards, test exam answers, and assignments to help you learn more about Enterprise Risk Management and other subjects. Don’t miss the chance to use them for more effective college education. Use our database of questions and answers on Enterprise Risk Management and get quick solutions for your test.

What is Enterprise Risk Management?

Enterprise Risk Management (ERM) is a systemized approach to managing the risks associated with an organization’s operations and activities. The goal of ERM is to identify, assess, prioritize, and mitigate risk in order to protect the organization from potential losses or harm.ERM can include assessment of financial risks, operational risks, compliance risks, strategic risks and more. An effective ERM program must integrate into all aspects of the organization’s operations. This requires collaboration between departments such as finance and accounting, human resources, legal services and IT security in order to ensure that all areas are covered.The first step in developing an ERM program is identifying risk factors that may impact the organization. Factors may include areas such as market volatility or potential for fraud or cyber attack. Once identified, each factor should be assessed for its likelihood of occurring and its potential cost if it does occur. This process helps organizations prioritize their risk management efforts so they can focus on mitigating those that are most likely to impact them negatively. Once a thorough assessment has been completed it is important for organizations to develop an action plan which outlines how they will manage these risk factors going forward. An effective action plan should encompass both corrective actions which address existing threats as well as preventative measures aimed at stopping new ones from arising in the future. Finally it is essential that all department heads understand their roles when it comes to managing risk within the organization. Each individual should be aware of policies which need adhered too as well as any changes that have been implemented since the last audit took place so they can effectively manage any associated risks they come across while performing their duties within their respective departments.