IT Governance Risk issues

Q: Define the term Enterprise Risk Management.

A: Enterprise Risk Management (ERM) is a business plan designed to recognize, evaluate, and organize…

Q: How is EDI more than technology? What unique control problems may it pose?

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Q: Issues that can be caused by the following risks: Execution risk Strategic risk Technology risk…

A: Operational risk management (ORM) is characterized as a continuous cyclic process that comprises…

Q: Risk management focuses on what?

A: Organizations assess the stakeholder’s responses as risks or opportunities which would affect the…

Q: What is Competitive Advantage b. What is Competitive Disadvantage c. What is Risk Management and…

A: "Since you have posted multiple questions, we will solve first question for you. If you want any…

Q: Identify the main areas of risk which may arise in relation to computer systems

A: Following are the main areas of risk which may arise in relation to computer systems:

Q: Relationship between IT Control and Financial reporting

A: Information Technology (IT) control can be defined as the specific activities that are performed by…

Q: Why is human behavior considered one of the biggest potential threats to operating system integrity?

A: Operating system: The system which provides the basic functioning of a device by interconnecting the…

Q: how to communicate information and monitor control processes in organizations.

A: Information is required for the entity to carry out internal control obligations in order to…

Q: Define enterprise risk management.

A: It is basically a strategy that helps businesses to find out the potential various type of risks…

Q: Distinguish between inherent risk and control risk. How do internal controls affect inherent risk…

A: Audit Risk: The risk of issuing an unqualified audit report due to failure in detecting material…

Q: Evaluation of internal control

A: Effectiveness of the internal control of an organization’s system is known as an evaluation of…

Q: Define relevant risk

A: For investors, risks are classified into the following two types: Systematic risk/relevant…

Q: how does communication aid in assessing inherent risk, control risk and detection risk

A: Factors of Communication aid in Assessing Inherent Risk, Control Risk and detection Risk There are…

Q: quantitative risk analysis:

A: Quantitative risk analysis assess the risk associated with a particular monetary item.

Q: How can intranet expansion increase risk to an organization?

A: Organization: Organization refers to the group of organized people with a particular purpose of…

Q: Discuss and explain the sub-processes of risk management

A: Risk management refers to those processes and steps which a finance manager undertakes to reduce the…

Q: Describe Control Risk

A: Audit Risk: The risk of issuing an unqualified audit report due to failure in detecting material…

Q: List the causes of information risk,and explain how this risk can bereduced

A: Information Risk – It’s a kind of risk which occurs whenever various business risk decision are made…

Q: Explain political risk

A: Political risks are important to be considered because they have an impact on the profitability…

Q: Define Operational risk.

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Q: Identify examples of economic and transaction exposure, and discuss how MNCS mitigate these risks.

A: Exchange rate volatility affects small and medium-sized firms, including those that only operate in…

Q: What principles are essential to an effective risk management program?

A: All types of organizations face different types of risks which may affect their chances of success.…

Q: Identify risks for accounting systems that rely heavily on IT functions.

A: Risk refers to the outcomes of uncertainties. It can be good if well planned and it can be worst…

Q: what is Strategic Systems Auditing and how it apply to the company?

A: Strategic System Auditing While adopting the strategic system auditing procedures which helps to the…

Q: audit risk.

A: First option is wrong because the inherent risk is the risk of material misstatements that may exist…

Q: Explain the importance of pooling anddiversification for managing risk.

A: Pooling of risk can be defined as the spread of financial risk evenly among a large number of…

Q: ways on how to avoid conflict of interest in an organization.

A: Conflict of interest in an organization arises when the management and the employees do no share…

Q: What can be done by a business to mitigate: Execution risk Technology risk Reputation risk…

A: Risk management  Risk management is the identification, evaluation, and prioritization of risks…

Q: Briefly explain the main purpose of Risk Governance Framework (RGF)

A: Every organisation maintains risk governance framework.It has certain objectives and purposes in…

Q: Why is sanctions compliance important?

A: Financial institutions are the institutions or organizations which act as the intermediaries of the…

Q: key internal and external stakeholders

A: The internal stakeholders of a company are listed as below: Employees, Managers, The board of…

Q: Define business risk

A: A business risk is an inherent risk arising due to the economic activities performed by the…

Q: Describe some regulatory actions that have influenced theevolution of risk management.

A: Regulatory Actions are the actions that are substantive, i.e. required to meet the expectations.…

Q: Explain the importance of auditing in reducing information risk.

A: Auditing refers to the evaluation conducted to determine the effectiveness of a firms internal…

Q: Explain the concept of risk management

A: Introduction: Risk can be characterized in terms of the uncertainty of future consequences resulting…

Q: How does accounting participate in the system development life cycle （ SDLC）?

A: System Development Life Cycle: The system development life cycle is a set of series or systematic…

Q: the system in risk analysis and internal control

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Q: What controls should be employed to avoid breaches into an accountijg information system.

A: An Accounting Information System (AIS) is a system which the businesses are using to recognize,…

Q: Describe how the audit team assesses control risk in an IT environment.

A: Control risk in the audit :           As the name suggests, it is the risk associated with the…

Q: recommended actions on how to address: Execution risk Strategic risk Reputation risk Process…

A: Financial risk refers to a variety of risks related with funding, such as financial transactions…