8.1 Frameworks for governance, risk and compliance

Question 1

Risk management, governance and c_________ arrangements protect an organsiation and its s_____________ from a range of adverse events including fraud, legal liability claims, regulatory sanction and reputation damage.

Answer 1

compliance

stakeholders

Question 2

Policies and procedures may be complemented by a r____ a_________ f_________ which highlights what risks may be taken within agreed limits, and those that must be avoided.

Answer 2

risk appetite framework

Question 3

An organisation should establish and implement risk management compliance frameworks to ensure that all l____ and r_________ are complied with and that any other compliance risks are managed effectively. This included drafting a compliance management p_______ as well as allocating roles and responsibilities for compliance management.

Answer 3

laws
regulations
policy

Question 4

Organisations may, as part of their risk management compliance framework, ensure that i_______ company policies and procedures, as well as e_______ standards , guidance and codes of conduct, are complied with.

Answer 4

internal

external

Question 5

An organisation should implement procedures and controls for its compliance risks. This includes compliance r________, compliance reviews, internal duties and control m___________.

Answer 5

reporting

monitoring

Question 6

ISO 1__________ provides guidance on the establishment and implementation of effective compliance management systems. This guidance can be used to help b_________ existing organisational practices.

Answer 6

19600

benchmark

Question 7

To complement compliance management activities, and organisation requires risk management governance arrangements. These arrangements should ensure that risks are managed in accordance with an organisation’s o_________ and the expectations of its s___________.

Answer 7

objectives

shareholders

Question 8

Various approaches to governance exists depending on the nature, scale and complexity of an organisation’s activities. One common approach for larger organisations, especially within f_________ services is the “t_______ lines of d_______” approach. An alternative is the “five lines of assurance” approach.

Answer 8

financial

three lines of defence

Question 9

Some organisations use GRC systems to coordinate their governance, risk and compliance activities. GRC systems provide a mechanism for storing common resources and d____ (such as policies or risk metrics). GRC systems may be used to facilitate integrated r_________ of governance, risk and compliance issues.

Answer 9

data

reporting