Module 1 - Unit 2 AQs

Question 1

What is a simple risk management process should be able to do:

a. ID risks (and opportunities)
b. evaluate and prioritise the significant risks (and opportunities)
c. manage the significant risks
d. all of the above

Answer 1

d. all of the above

Question 2

What RASP stands for?

Answer 2

Risk Architecture & Strategy and Risk Protocols’

Question 3

What is the COSO cube?

Answer 3

The COSO cube is a diagram that shows the relationship among all parts of an internal control system.

It also identifies a number of principles an organization should follow to meet their internal control objectives.

The COSO cube is a part of a control framework generally called the COSO framework. It was created by the Committee of Sponsoring Organizations of the Treadway Commission, or COSO.

Question 4

What is included in Risk Architecture?

Answer 4

R&Rs
Comms
risk-reporting structure

Question 5

what are the risk Protocols?

Answer 5

risk guidelines for an org; includes:
rules and procedure
risk management methodology
tools and techniques that should be used

Question 6

What’s included in Risk Strategy?

Answer 6

risk strategy
Appetite
attitudes and philosphy