SG 1 Enterprise Risk Management Flashcards

1
Q

What are the 6 steps to risk assessment?

A
Identify 
Assessment
Risk Response
Internal Control activities
Information and communication
Monitoring
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2
Q

4 main types of risks

A

Strategic - risk associated with ineffective strategic decisions - linked to mission and objectives.
Operational - ineffective ops, failed practices, large swings in rate of returns
Reporting - misleading or inaccurate info being reported
Compliance - failing to comply with laws or regulations

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3
Q

4 techniques to assess risk

A

Benchmarking
Probabilistic Models
Sensitivity Analysis
Scenario Analysis

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4
Q

2 things that are measured when assessing risk

A

Likelihood and Impact

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5
Q

4 types of responses to risk

A

Avoid
Reduce
Transfer
Accept

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6
Q

What is a contingency plan? What are the 4 steps?

A

A plan to implement should an adverse event take place.

Identify - Prioritize - Develop - Maintain

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7
Q

Two ways of monitoring effectiveness

A

Built-in checks

Internal audit

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