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ADM 4346 > Chapter 2 > Flashcards

Chapter 2 Flashcards

1
Q

What are portfolio view risk

A

they examines risk at the entity level

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2
Q

What are profile view risk

A

consider risk at a more granular level

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3
Q

Explain Enterprise risk management

A

ERM is the process of identifying, categorizing , prioritizing and responding to company risks

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4
Q

What are the fours steps of ERM

A

Identify
Categorize
Prioritizing
Response

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5
Q

What are risk statement

A

they contain the issues and what the outcome could be

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6
Q

What are the two type of risk that could happen in a company

A

internal and external

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7
Q

Internal risk are

A

occur during a company operations and arise during normal operations

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8
Q

External risk are

A

risk that are outside the company

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9
Q

What are the three major internal risk

A

Operational
Financing
Reputational

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10
Q

What are operational risk

A

occurs when there are ineffective internal controls

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11
Q

What are the external risk

A

Compliance
Strategic
physical

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12
Q

What example of Operational risk

A

technology interruption

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13
Q

What example of financial risk

A

failed investment

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14
Q

What example reputational risk

A

data breach making the news

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15
Q

Example compliance risk

A

regulatory fines

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16
Q

example of strategic risk

A

beaten by competitor

17
Q

Example of physical risk

A

natural disaster

18
Q

What are risk management

A

is require to have excellent critical thinking and decision making skills to understand the entire situation and come up with a reponses

19
Q

Explain risk appetite

A

the amount of risk a company is willing to take on a particular time

20
Q

What are the four risk responses

A

accept
mitigate
tranfser
avoid

21
Q

What are residual risk

A

the remaining risk after a plan to respond to the risk is in place

ADM 4346 (13 decks)

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