Other

Question 1

Define Enterprise Risk Management. (5)

Answer 1

According to COSO:

• Enterprise risk-management is a process, effected by an entity’s board of directors, management and other personnel
• applied in strategy setting and across the enterprise
• designed to identify potential events that may affect the entity
• and manage risk to be within its risk appetite,
• to provide reasonable assurance regarding the achievement of entity objectives.’

Question 2

What is the John Reed quote

Answer 2

““Why does a car have brakes? A car has brakes so it can go fast.
If you got into a car and you knew there were no brakes, you’d
creep around very slowly.”