Answered: 28. Hi Everything Co., a manufacturing…

Principles Of Marketing

17th Edition

ISBN:9780134492513

Author:Kotler, Philip, Armstrong, Gary (gary M.)

Publisher:Kotler, Philip, Armstrong, Gary (gary M.)

Chapter1: Marketing: Creating Customer Value And Engagement

Section: Chapter Questions

Problem 1.1DQ

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28. Hi Everything Co., a manufacturing firm, with a range of locations and products is hierarchical. For 10 years, clear but detailed criteria were used to report up through many layers. Due to voluminous reporting, the firm simplified the criteria allowing judgment so that only a very few risks get to the top. Some managers are concerned that the revised system may not be effective. What would you suggest?

a. Continue with the new system to show confidence that managers' judgments at all levels are trusted at the top

b. Involve managers in developing a hybrid of the old and revised systems

c. Revert to the old system, because important risks might be missed

d. Start over with a completely new third approach

29. Internal audit plays several key roles in ERM. Which of the following is not a legitimate role for internal audit to undertake?

a. Offering consulting services in support of risk management

b. Identifying the risk universe

c. Constructing an annual plan based upon the identification and prioritization of an organization's risks

d. Providing assurance that the management of key risks, including internal controls, is effective

30. Kalandian Ka Lang Ngayong Quarantine Co. is planning a risk assessment of the IT systems that process, store, and transmit its litigation data. The first and most important planning task that the assessment team should undertake

a. Ensuring that the risk management team or assessment contractor has access to the technical expertise necessary to understand system configurations and software vulnerabilities

b. Interviewing key C-suite (CEO, CIO, CFO) executives and operational managers to identify and rank threats to the business

c. Conducting a thorough review of information security policies and procedures

d. Determining the types and proper mix of manual and automated controls needed to provide reasonable assurance

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