Unit 2

Question 1

CSA Responsibilities

Senior management

Answer 1

oversee the establishment, administration, and evaluation of the processes of risk management and control.

Question 2

CSA Responsibilities

Operating managers

Answer 2

assessment of the risks and controls in their units.

Question 3

CSA Responsibilities

nternal and external auditors

Answer 3

varying degrees of assurance about the state of effectiveness of the risk management and control processes of the organization

Question 4

CSA key features and goals

Answer 4

Identifying risks and exposures,
Assessing the control processes that mitigate or manage those risks,
Developing action plans to reduce risks to acceptable levels, and
Determining the likelihood of achieving the business objectives.

Question 5

CSA Approaches

Answer 5

(1) facilitation, (2) survey (questionnaire), and (3) self-certification

Question 6

Facilitation Approach

Answer 6

objective-based format
risk-based format
control-based format
process-based format

Question 7

risk-based format

Answer 7

focuses on listing the risks to achieving an objective

Question 8

control-based format

Answer 8

focuses on how well the controls in place are working

Question 9

process-based format

Answer 9

focuses on selected activities that are elements of a chain of processes