COSO ERM (+Cloud Computing)

Question 1

Which of the eight COSO ERM for Cloud Computing components does this describe?

Sets the organization’s risk culture and tone, including risk appetite and governance.

Answer 1

Internal Environment

Question 2

Which of the eight COSO ERM for Cloud Computing components does this describe?

Ensures that management sets clear business objectives aligned with the organization’s risk appetite.

Answer 2

Objective-Setting

Question 3

Which of the eight COSO ERM for Cloud Computing components does this describe?

Identifies internal and external events that could affect the achievement of objectives.

Answer 3

Event Identification

Question 4

Which of the eight COSO ERM for Cloud Computing components does this describe?

Analyzes risks to understand their likelihood and impact on objectives.

Answer 4

Risk Assessment

Question 5

Which of the eight COSO ERM for Cloud Computing components does this describe?

Determines how to address risks—avoid, reduce, share, or accept them.

Answer 5

Risk Response

Question 6

Which of the eight COSO ERM for Cloud Computing components does this describe?

Implements policies and procedures to help ensure risk responses are carried out.

Answer 6

Control Activities

Question 7

Which of the eight COSO ERM for Cloud Computing components does this describe?

Supports the flow of relevant information internally and externally to manage risk.

Answer 7

Information and Communication

Question 8

Which of the eight COSO ERM for Cloud Computing components does this describe?

Continuously evaluates the ERM process and makes necessary adjustments.

Answer 8

Monitoring

Question 9

Which of the five COSO ERM component does this describe?

Sets the tone at the top, defines risk culture, and establishes oversight.

Answer 9

Governance and Culture

Question 10

Which of the five COSO ERM component does this describe?

Integrates risk management with strategy and sets business objectives aligned with risk appetite.

Answer 10

Strategy and Objective-Setting

Question 11

Which of the five COSO ERM component does this describe?

Reviews risk management performance and makes necessary adjustments.

Answer 11

Review and Revision

Question 12

Which of the five COSO ERM component does this describe?

Identifies, assesses, and prioritizes risks that could affect the achievement of objectives.

Answer 12

Performance

Question 13

Which of the five COSO ERM component does this describe?

Supports the flow of relevant risk information internally and externally.

Answer 13

Information, Communication, and Reporting