Question 1

Which ERM objective relates to the effective and efficient use of a corporation's resources?

Accepted Answer

A) Operational objective 
B) Compliance objective 
C) Strategic objective 
D) Reporting objective 
A) Operational objective 
B) Compliance objective 
C) Strategic objective 
D) Reporting objective

Question 2

A ________ log tracks who is accessing the specific spreadsheet.

Accepted Answer

The answer of A ________ log tracks who is accessing...

Question 3

Assessment techniques used to assess risk are grouped into two categories. What are these categories? Define each.

Accepted Answer

Quantitative techniques, such as mathema

Question 4

List and define the eight interrelated ERM components.

Accepted Answer

1. Internal Environment. The internal en

Question 5

Which of the following is NOT considered a control activity?

Accepted Answer

A) Locked door 
B) Performance reviews 
C) Event identification 
D) Segregation of duties 
A) Locked door 
B) Performance reviews 
C) Event identification 
D) Segregation of duties

Question 6

What is risk intelligence?

Accepted Answer

Risk intelligence moves beyond just mana

Question 7

Match the ERM Objective with the appropriate definition.
-Compliance objectives

Accepted Answer

A) These objectives relate to the reliability of the enterprise's reporting, both internal and external. 
B) These objectives relate to the effective and efficient use of the entity's resources. 
C) These objectives relate to goals that support the entity's mission. 
D) These objectives relate to the entity's compliance with all applicable laws and regulations. 
A) These objectives relate to the reliability of the enterprise's reporting, both internal and external. 
B) These objectives relate to the effective and efficient use of the entity's resources. 
C) These objectives relate to goals that support the entity's mission. 
D) These objectives relate to the entity's compliance with all applicable laws and regulations.

Question 8

The SEC requires company boards to report in-depth on how their enterprises identify risk, set risk tolerances, and manage risk/reward trade-offs.

Accepted Answer

A) True 
 B)False

Question 9

The risk time frame ________relates to operations and routine activities.

Accepted Answer

The answer of The risk time frame ________relates to operations...

Question 10

Match the ERM component name to the appropriate definition.
-Control activities

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

What percentage of CFOs rely heavily on Microsoft Excel spreadsheets for financial tasks?

Accepted Answer

A) 87% 
B) 92% 
C) 83% 
D) 94% 
A) 87% 
B) 92% 
C) 83% 
D) 94%

Question 12

What is the difference between downside risks and upside risks?

Accepted Answer

Downside risks have no positive payoff.

Question 13

Match the IT control activity to the appropriate enterprise level.
-IT general controls

Accepted Answer

A) IT governance 
B) Business processes 
C) IT processes and services 
A) IT governance 
B) Business processes 
C) IT processes and services

Question 14

Qualitative measures include

Accepted Answer

A) Means 
B) Regression 
C) Percentages 
D) Ranking likelihood 
A) Means 
B) Regression 
C) Percentages 
D) Ranking likelihood

Question 15

Which risk time frame relates to operations and routine activities?

Accepted Answer

A) Short term 
B) Medium term 
C) Long term 
D) Intermediate term 
A) Short term 
B) Medium term 
C) Long term 
D) Intermediate term

Question 16

The IT control associated with business processes is

Accepted Answer

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

Question 17

Focusing on sustainable operations reduces the risk of

Accepted Answer

A) Dependence on dwindling natural resources 
B) Inflation 
C) Economic downturns 
D) Dependence on vendors 
A) Dependence on dwindling natural resources 
B) Inflation 
C) Economic downturns 
D) Dependence on vendors

Question 18

Match the IT control activity to the appropriate enterprise level.
-Entity-level IT controls

Accepted Answer

A) IT governance 
B) Business processes 
C) IT processes and services 
A) IT governance 
B) Business processes 
C) IT processes and services

Question 19

List the 7Rs and 4Ts of risk management.

Accepted Answer

1. Recognize (identify)risks
2. Rank (ev

Question 20

Which of the following is NOT considered part of IT controls?

Accepted Answer

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

Which ERM objective relates to the effective and efficient use of a corporation's resources?

A ________ log tracks who is accessing the specific spreadsheet.

Assessment techniques used to assess risk are grouped into two categories. What are these categories? Define each.

List and define the eight interrelated ERM components.

Which of the following is NOT considered a control activity?

What is risk intelligence?

Match the ERM Objective with the appropriate definition. -Compliance objectives

The SEC requires company boards to report in-depth on how their enterprises identify risk, set risk tolerances, and manage risk/reward trade-offs.

The risk time frame ________relates to operations and routine activities.

Match the ERM component name to the appropriate definition. -Control activities

What percentage of CFOs rely heavily on Microsoft Excel spreadsheets for financial tasks?

What is the difference between downside risks and upside risks?

Match the IT control activity to the appropriate enterprise level. -IT general controls

Qualitative measures include

Which risk time frame relates to operations and routine activities?

The IT control associated with business processes is

Focusing on sustainable operations reduces the risk of

Match the IT control activity to the appropriate enterprise level. -Entity-level IT controls

List the 7Rs and 4Ts of risk management.

Which of the following is NOT considered part of IT controls?

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

Which ERM objective relates to the effective and efficient use of a corporation's resources?

A ________ log tracks who is accessing the specific spreadsheet.

Assessment techniques used to assess risk are grouped into two categories. What are these categories? Define each.

List and define the eight interrelated ERM components.

Which of the following is NOT considered a control activity?

What is risk intelligence?

Match the ERM Objective with the appropriate definition. -Compliance objectives

The SEC requires company boards to report in-depth on how their enterprises identify risk, set risk tolerances, and manage risk/reward trade-offs.

The risk time frame ________relates to operations and routine activities.

Match the ERM component name to the appropriate definition. -Control activities

What percentage of CFOs rely heavily on Microsoft Excel spreadsheets for financial tasks?

What is the difference between downside risks and upside risks?

Match the IT control activity to the appropriate enterprise level. -IT general controls

Qualitative measures include

Which risk time frame relates to operations and routine activities?

The IT control associated with business processes is

Focusing on sustainable operations reduces the risk of

Match the IT control activity to the appropriate enterprise level. -Entity-level IT controls

List the 7Rs and 4Ts of risk management.

Which of the following is NOT considered part of IT controls?

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