Sec F - Information systems

Question 1

Define business intelligence (BI)

Answer 1

BI is the collection of applications, tools, and best practices that transform data into actionable information in order to make better decisions and optimize performance.

Question 2

COSO’s ERM Integrated Framework

8 components

Answer 2

IOERRCIM

1) Internal environment
2) Objective setting
3) Event identification
4) Risk assessment
5) Risk response
6) Control activities
7) Information and communication
8) Monitoringhx

Question 3

Systems development lifecycle

5 steps

Answer 3

1) Systems analysis
2) Conceptual design
3) Physical design
4) Implementation and conversion
5) Operations and maintenance

Question 4

Big Data 4 V’s

Answer 4

Volume - Large amount
Velocity - Frequency of processing
Variety - Different types
Veracity - Trust worthiness