Question 1

What is risk tolerance? Provide an example.

Accepted Answer

Risk tolerance is the acceptable level o

Question 2

________ risks have no benefits, only threats to success.

Accepted Answer

The answer of ________ risks have no benefits, only threats...

Question 3

Match the word to the appropriate sentence to complete the risk response definition.
-Avoiding

Accepted Answer

A) An entity reduces risk likelihood or risk impact by ________ the risk with another entity. 
B) This risk response refers to actions taken to ________ risk likelihood, risk impact, or both. 
C) When an entity responds to risk with ________, the entity takes no action to affect risk likelihood or risk impact. 
D) This risk response involves ________ or exiting the activities that give rise to the risk. 
A) An entity reduces risk likelihood or risk impact by ________ the risk with another entity. 
B) This risk response refers to actions taken to ________ risk likelihood, risk impact, or both. 
C) When an entity responds to risk with ________, the entity takes no action to affect risk likelihood or risk impact. 
D) This risk response involves ________ or exiting the activities that give rise to the risk.

Question 4

Which question pertains to assessing risk likelihood?

Accepted Answer

A) What is the estimated frequency of the threat occurring? 
B) What is the asset's value? 
C) What is the estimated potential loss per threat? 
D) How much is the asset worth to the competition? 
A) What is the estimated frequency of the threat occurring? 
B) What is the asset's value? 
C) What is the estimated potential loss per threat? 
D) How much is the asset worth to the competition?

Question 5

The IT control associated with top management is

Accepted Answer

A) IT general controls 
B) Entity-level controls 
C) Application controls 
D) Event controls 
A) IT general controls 
B) Entity-level controls 
C) Application controls 
D) Event controls

Question 6

Risk intelligence involves using risk in a pro active, constructive way to create additional value for the enterprise.

Accepted Answer

A) True 
 B)False

Question 7

Which of the following is an incident or occurrence that originates inside an organization?

Accepted Answer

A) Changes in regulations 
B) Data integrity 
C) New technology 
D) Product competition 
A) Changes in regulations 
B) Data integrity 
C) New technology 
D) Product competition

Question 8

Which of the following is NOT one of the top 10 tips for improving spreadsheet risk management?

Accepted Answer

A) Store all spreadsheets on a network server. 
B) Implement spreadsheet change logs (user log and change log). 
C) Add a contents tab to the spreadsheet to create a spreadsheet table of contents. 
D) Create an error log for each spreadsheet. 
A) Store all spreadsheets on a network server. 
B) Implement spreadsheet change logs (user log and change log). 
C) Add a contents tab to the spreadsheet to create a spreadsheet table of contents. 
D) Create an error log for each spreadsheet.

Question 9

It is possible for a company to be 100% risk free.

Accepted Answer

A) True 
 B)False

Question 10

Match the ERM component name to the appropriate definition.
-Objective setting

Accepted Answer

A) This is comprised of policies and procedures established and implemented to ensure risk responses are effective. 
B) This involves identifying occurrences that affect an enterprise's ability to attain its objectives. 
C) This involves ensuring relevant data is captured and communicated effectively throughout the organization to appropriate individuals in a timely manner. 
D) This involves watched evaluation and feedback that permits modifications as needed. 
E) This ensures that the enterprise has a process for setting goals that are consistent with the entity's mission and risk appetite.
F)This involves the risk management philosophy of the enterprise, including the tone set by top management. 
A) This is comprised of policies and procedures established and implemented to ensure risk responses are effective. 
B) This involves identifying occurrences that affect an enterprise's ability to attain its objectives. 
C) This involves ensuring relevant data is captured and communicated effectively throughout the organization to appropriate individuals in a timely manner. 
D) This involves watched evaluation and feedback that permits modifications as needed. 
E) This ensures that the enterprise has a process for setting goals that are consistent with the entity's mission and risk appetite.
F)This involves the risk management philosophy of the enterprise, including the tone set by top management.

Question 11

The risk time frame ________ related to tactics, such as new projects that initiate change.

Accepted Answer

The answer of The risk time frame ________ related to...

Question 12

Which of the following is part of the ERM units?

Accepted Answer

A) Internal Environments 
B) Entity-level 
C) Operations 
D) Monitoring 
A) Internal Environments 
B) Entity-level 
C) Operations 
D) Monitoring

Question 13

Match the ERM component name to the appropriate definition.
-Event identification

Accepted Answer

A) This is comprised of policies and procedures established and implemented to ensure risk responses are effective. 
B) This involves identifying occurrences that affect an enterprise's ability to attain its objectives. 
C) This involves ensuring relevant data is captured and communicated effectively throughout the organization to appropriate individuals in a timely manner. 
D) This involves watched evaluation and feedback that permits modifications as needed. 
E) This ensures that the enterprise has a process for setting goals that are consistent with the entity's mission and risk appetite.
F)This involves the risk management philosophy of the enterprise, including the tone set by top management. 
A) This is comprised of policies and procedures established and implemented to ensure risk responses are effective. 
B) This involves identifying occurrences that affect an enterprise's ability to attain its objectives. 
C) This involves ensuring relevant data is captured and communicated effectively throughout the organization to appropriate individuals in a timely manner. 
D) This involves watched evaluation and feedback that permits modifications as needed. 
E) This ensures that the enterprise has a process for setting goals that are consistent with the entity's mission and risk appetite.
F)This involves the risk management philosophy of the enterprise, including the tone set by top management.

Question 14

Match the word to the appropriate sentence to complete the risk response definition.
-Reduce

Accepted Answer

A) An entity reduces risk likelihood or risk impact by ________ the risk with another entity. 
B) This risk response refers to actions taken to ________ risk likelihood, risk impact, or both. 
C) When an entity responds to risk with ________, the entity takes no action to affect risk likelihood or risk impact. 
D) This risk response involves ________ or exiting the activities that give rise to the risk. 
A) An entity reduces risk likelihood or risk impact by ________ the risk with another entity. 
B) This risk response refers to actions taken to ________ risk likelihood, risk impact, or both. 
C) When an entity responds to risk with ________, the entity takes no action to affect risk likelihood or risk impact. 
D) This risk response involves ________ or exiting the activities that give rise to the risk.

Question 15

Which of the following is NOT an external factor that might affect an enterprise's ability to achieve objectives?

Accepted Answer

A) Economic events 
B) Natural environment 
C) Processes 
D) Political events 
A) Economic events 
B) Natural environment 
C) Processes 
D) Political events

Question 16

Which of the following information would NOT appear on a documentation tab in a spreadsheet?

Accepted Answer

A) Developer notes 
B) User instructions 
C) List of users that accessed the spreadsheet 
D) Authorized uses 
A) Developer notes 
B) User instructions 
C) List of users that accessed the spreadsheet 
D) Authorized uses

Question 17

________ is the process of assessing the extent to which events would impact an entity's ability to achieve its objectives.

Accepted Answer

The answer of ________ is the process of assessing the...

Question 18

Match the word to the appropriate sentence to complete the risk response definition.
-Acceptance

Accepted Answer

A) An entity reduces risk likelihood or risk impact by ________ the risk with another entity. 
B) This risk response refers to actions taken to ________ risk likelihood, risk impact, or both. 
C) When an entity responds to risk with ________, the entity takes no action to affect risk likelihood or risk impact. 
D) This risk response involves ________ or exiting the activities that give rise to the risk. 
A) An entity reduces risk likelihood or risk impact by ________ the risk with another entity. 
B) This risk response refers to actions taken to ________ risk likelihood, risk impact, or both. 
C) When an entity responds to risk with ________, the entity takes no action to affect risk likelihood or risk impact. 
D) This risk response involves ________ or exiting the activities that give rise to the risk.

Question 19

Controls are not task driven. Understanding risk is not a prerequisite to the appreciation and application of control.

Accepted Answer

A) True 
 B)False

Question 20

What is the purpose of requiring a spreadsheet user log and change log?

Accepted Answer

A user log tracks users accessing the sp

What is risk tolerance? Provide an example.

________ risks have no benefits, only threats to success.

Match the word to the appropriate sentence to complete the risk response definition. -Avoiding

Which question pertains to assessing risk likelihood?

The IT control associated with top management is

Risk intelligence involves using risk in a pro active, constructive way to create additional value for the enterprise.

Which of the following is an incident or occurrence that originates inside an organization?

Which of the following is NOT one of the top 10 tips for improving spreadsheet risk management?

It is possible for a company to be 100% risk free.

Match the ERM component name to the appropriate definition. -Objective setting

The risk time frame ________ related to tactics, such as new projects that initiate change.

Which of the following is part of the ERM units?

Match the ERM component name to the appropriate definition. -Event identification

Match the word to the appropriate sentence to complete the risk response definition. -Reduce

Which of the following is NOT an external factor that might affect an enterprise's ability to achieve objectives?

Which of the following information would NOT appear on a documentation tab in a spreadsheet?

________ is the process of assessing the extent to which events would impact an entity's ability to achieve its objectives.

Match the word to the appropriate sentence to complete the risk response definition. -Acceptance

Controls are not task driven. Understanding risk is not a prerequisite to the appreciation and application of control.

What is the purpose of requiring a spreadsheet user log and change log?

Accounting Systems Insights

Accounting Databases

Accounting Interface: Database Forms, Queries, and Reports

Accounting Systems and Business Processes

Business Processes: Purchasing, Sales, and Payroll Cycles

Integrated Enterprise Systems and Cloud Computing

Accounting and Business Intelligence

Accounting and Sustainability Intelligence

XBRL: Intelligent Business Reporting

Fraud and Internal Control

Cybersecurity

Accounting System Development

Database Design: ERD, REA, and SQL

Filters

Exam 12: The Risk Intelligent Enterprise: Enterprise Risk Management

What is risk tolerance? Provide an example.

________ risks have no benefits, only threats to success.

Match the word to the appropriate sentence to complete the risk response definition. -Avoiding

Which question pertains to assessing risk likelihood?

The IT control associated with top management is

Risk intelligence involves using risk in a pro active, constructive way to create additional value for the enterprise.

Which of the following is an incident or occurrence that originates inside an organization?

Which of the following is NOT one of the top 10 tips for improving spreadsheet risk management?

It is possible for a company to be 100% risk free.

Match the ERM component name to the appropriate definition. -Objective setting

The risk time frame ________ related to tactics, such as new projects that initiate change.

Which of the following is part of the ERM units?

Match the ERM component name to the appropriate definition. -Event identification

Match the word to the appropriate sentence to complete the risk response definition. -Reduce

Which of the following is NOT an external factor that might affect an enterprise's ability to achieve objectives?

Which of the following information would NOT appear on a documentation tab in a spreadsheet?

________ is the process of assessing the extent to which events would impact an entity's ability to achieve its objectives.

Match the word to the appropriate sentence to complete the risk response definition. -Acceptance

Controls are not task driven. Understanding risk is not a prerequisite to the appreciation and application of control.

What is the purpose of requiring a spreadsheet user log and change log?

Accounting Systems Insights

Accounting Databases

Accounting Interface: Database Forms, Queries, and Reports

Accounting Systems and Business Processes

Business Processes: Purchasing, Sales, and Payroll Cycles

Integrated Enterprise Systems and Cloud Computing

Accounting and Business Intelligence

Accounting and Sustainability Intelligence

XBRL: Intelligent Business Reporting

Fraud and Internal Control

Cybersecurity

Accounting System Development

Database Design: ERD, REA, and SQL

Filters