Group 6

Question 1

Structured and systematic approach used by org to identify, assess, and mitigate risks that could affect their operations, project, or objectives.

Answer 1

Risk Mngt System

Question 2

Primary goal of this system is to enable org to make informed decision by understanding the potential risk involve in their activities

Answer 2

RMS

Question 3

Under RMS (6)

Answer 3

1. Mismeasurement of known risk
2. Failure to take risk into account
3. ” In communicating the risk of the top mngt
4. ” In monitoring risk
5. ” In managing risk
6. ” To use appropriate risk metrics or measurement system

Question 4

Two broad areas that provide scope for mismeasurement:

Answer 4

1. Use of distribution
2. Use of historical data

Question 5

6 under failure of risk mngt

Answer 5

1. Financial loss
2. Reputational Damage
3. Legal and regulatory issues
4. Operational disruptions
5. Safety and health hazard
6. Loss of competitive advantage

Question 6

Events or incidents that have potential to cause losses or negatively impact an org’s objective, operation, or overall performance.

Answer 6

Relevant loss events

Question 7

7 loss events

Answer 7

1. Internal Fraud
2. External Fraud
3. Employment practice and workplace safety
4. Clients, Product and buss practices
5. Damage to physical asset
6. Buss disruptions and system failures
7. Execution, delivery, and process mngt

Question 8

Give example under internal fraud

Answer 8

Intentional transaction not reported
Theft
Bribe
Insider trading

Question 9

Examples under external fraud

Answer 9

Theft/robbery
Forgery and check kiting
Hacking damage

Question 10

6 present companies risk

Answer 10

1. Strategic Risk
2. Financial Risk
3. Physical
4. Legal
5. Security
6. Human

Question 11

Types id financial Risk for buss.

Answer 11

Currency Risk
Default
Liquidity

Question 12

Types of legal risk

Answer 12

Contractual risk
Dispute
Regulatory