Question 1

Which of the following is NOT an incident or occurrence that originates outside an organization?

Accepted Answer

A) Changes in consumer demographics 
B) New legislation 
C) Employee competence 
D) Liquidity factors 
A) Changes in consumer demographics 
B) New legislation 
C) Employee competence 
D) Liquidity factors

Question 2

________ involves evaluating and determining which IT applications and related systems should be included in IT compliance review.

Accepted Answer

The answer of ________ involves evaluating and determining which IT...

Question 3

Match the ERM Objective with the appropriate definition.
-Strategic 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 4

Which of the following titles does NOT refer to someone in the C-Suite?

Accepted Answer

A) CIO: Chief Information Officer 
B) CSO: Chief Sustainability Officer 
C) CIA: Certified Internal Auditor 
D) CFO: Chief Financial Officer 
A) CIO: Chief Information Officer 
B) CSO: Chief Sustainability Officer 
C) CIA: Certified Internal Auditor 
D) CFO: Chief Financial Officer

Question 5

Which ERM component involves the risk management philosophy of the enterprise,including the tone set by top management?

Accepted Answer

A) Control activities 
B) Information and communication 
C) Internal environment 
D) Event identification 
A) Control activities 
B) Information and communication 
C) Internal environment 
D) Event identification

Question 6

ISO 13000 is not the only internationally accepted enterprise risk management standard.

Accepted Answer

A) True 
 B)False

Question 7

Which of the following is NOT part of IT controls?

Accepted Answer

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

Question 8

________ forms the basis for operations, reporting, and compliance objectives.

Accepted Answer

Strategic

Question 9

Storing the spreadsheet on the server increases the difficulty to track changes made by multiple users.

Accepted Answer

A) True 
 B)False

Question 10

The company where you work is considering requiring a documentation tab to every spreadsheet as part of spreadsheet risk management. You are asked to make recommendations regarding the contents of the documentation tab. What type of information would you recommend?

Accepted Answer

This documentation sheet can include inf

Question 11

List and define the four categories in the ERM framework of an enterprise's objectives.

Accepted Answer

Strategic objectives relate to goals tha

Question 12

The International Organization for Standardization framework for risk management is ________.

Accepted Answer

The answer of The International Organization for Standardization framework for...

Question 13

The company where you work is implementing risk management for spreadsheets. This includes adding a user log and change log to each spreadsheet. A co worker complains to you about having this information attached to spreadsheets. How do you explain the purpose of the these logs?

Accepted Answer

A user log tracks users accessing the sp

Question 14

When risk responses are being considered, the costs and benefits of options may play a major role in the final decision.

Accepted Answer

A) True 
 B)False

Question 15

Match the ERM component name to the appropriate definition.
-Information and communication

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 16

What are five external events that may pose a risk to an enterprise's ability to achieve objectives? Provide examples.

Accepted Answer

Economic events include liquidity and co

Question 17

A co-worker complains to you about being required to store all spreadsheets on a network server. How do you explain the purpose of storing the spreadsheets on the network?

Accepted Answer

Spreadsheets introduce significant risks

Question 18

Match the ERM component name to the appropriate definition.
-Internal Environment

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 19

The integrated enterprise system is unable to provide management with additional data and information for use in making enterprise risk management assessments and decisions.

Accepted Answer

A) True 
 B)False

Question 20

________ is a COSO framework that provides guidance for managing risk.

Accepted Answer

Enterprise

Which of the following is NOT an incident or occurrence that originates outside an organization?

________ involves evaluating and determining which IT applications and related systems should be included in IT compliance review.

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

Which of the following titles does NOT refer to someone in the C-Suite?

Which ERM component involves the risk management philosophy of the enterprise,including the tone set by top management?

ISO 13000 is not the only internationally accepted enterprise risk management standard.

Which of the following is NOT part of IT controls?

________ forms the basis for operations, reporting, and compliance objectives.

Storing the spreadsheet on the server increases the difficulty to track changes made by multiple users.

The company where you work is considering requiring a documentation tab to every spreadsheet as part of spreadsheet risk management. You are asked to make recommendations regarding the contents of the documentation tab. What type of information would you recommend?

List and define the four categories in the ERM framework of an enterprise's objectives.

The International Organization for Standardization framework for risk management is ________.

The company where you work is implementing risk management for spreadsheets. This includes adding a user log and change log to each spreadsheet. A co worker complains to you about having this information attached to spreadsheets. How do you explain the purpose of the these logs?

When risk responses are being considered, the costs and benefits of options may play a major role in the final decision.

Match the ERM component name to the appropriate definition. -Information and communication

What are five external events that may pose a risk to an enterprise's ability to achieve objectives? Provide examples.

A co-worker complains to you about being required to store all spreadsheets on a network server. How do you explain the purpose of storing the spreadsheets on the network?

Match the ERM component name to the appropriate definition. -Internal Environment

The integrated enterprise system is unable to provide management with additional data and information for use in making enterprise risk management assessments and decisions.

________ is a COSO framework that provides guidance for managing risk.

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 of the following is NOT an incident or occurrence that originates outside an organization?

________ involves evaluating and determining which IT applications and related systems should be included in IT compliance review.

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

Which of the following titles does NOT refer to someone in the C-Suite?

Which ERM component involves the risk management philosophy of the enterprise,including the tone set by top management?

ISO 13000 is not the only internationally accepted enterprise risk management standard.

Which of the following is NOT part of IT controls?

________ forms the basis for operations, reporting, and compliance objectives.

Storing the spreadsheet on the server increases the difficulty to track changes made by multiple users.

The company where you work is considering requiring a documentation tab to every spreadsheet as part of spreadsheet risk management. You are asked to make recommendations regarding the contents of the documentation tab. What type of information would you recommend?

List and define the four categories in the ERM framework of an enterprise's objectives.

The International Organization for Standardization framework for risk management is ________.

The company where you work is implementing risk management for spreadsheets. This includes adding a user log and change log to each spreadsheet. A co worker complains to you about having this information attached to spreadsheets. How do you explain the purpose of the these logs?

When risk responses are being considered, the costs and benefits of options may play a major role in the final decision.

Match the ERM component name to the appropriate definition. -Information and communication

What are five external events that may pose a risk to an enterprise's ability to achieve objectives? Provide examples.

A co-worker complains to you about being required to store all spreadsheets on a network server. How do you explain the purpose of storing the spreadsheets on the network?

Match the ERM component name to the appropriate definition. -Internal Environment

The integrated enterprise system is unable to provide management with additional data and information for use in making enterprise risk management assessments and decisions.

________ is a COSO framework that provides guidance for managing risk.

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