Why risk management process is essential

Q: Define the term Enterprise Risk Management.

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

Q: How can failure in ethics affect organizational success? Is it something that can be audited?

A: Ethics are referred to as the beliefs that help in distinguishing between wrong and right.

Q: Describe a situation in risk management that involves ethical aswell as financial issues.

A: Ethical issue: the risk that arrives due to not following the code of conduct as prescribed by the…

Q: What are analytical procedures? Substantive tests designed to assess control risk Substantive tests…

A: Analytical procedures are used in proper evaluations of financial information by having an analysis…

Q: What risk creates a demand for independent and objective outsiders to provide assurance to decision…

A: The assurance individuals aim to mitigate the risk of errors in the financial statements and improve…

Q: Difference between business risk and audit risk?

A: Risk is the chances that actual will differ from expected results.

Q: Which of the following are true regarding internal auditors and the adequacy of an organization’s…

A: Answer: I. Internal auditors must understand the risk assessment process and the tools used to make…

Q: The internal audit, which is a tool to evaluate the working of each management function, It refers…

A: Internal audit: Internal Audit is a department or a corporation of individuals within a corporation…

Q: Define enterprise risk management.

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

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: What is meant by the nature of the company, and why is it important to inherent risk assessment?

A:

Q: What are objectives? What three categories of objectives are set forth in the COSO framework?

A: COSO ERM framework defines internal control in an organisation as “a. process, effected by an…

Q: How does the enterprise risk management influence the internal control detective identified?

A: Introduction: Control is a managerial function that aids in measuring actual performance by…

Q: Risk management is concerned with understandi

A: Risk management in finance is an important element for any corporation to become successful.…

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: The purpose of ____________ is to help manage and control risk appropriately rather than to…

A: Internal accounting is the process of preparation of accounting for business transactions. Internal…

Q: internal audit activity's role

A: First option is wrong because one among the choices is the correct answer. Second option is wrong…

Q: Discuss the objectives of the risk management process. Why should you follow a regimented and well…

A: Risk management is a strategy for preventing and controlling dangers to a company's operations. It…

Q: Describe some of the risks events within the following major categories of risk: (1) strategy…

A: Risk events are the uncertain and unfortunate events that take place inside an organization due to…

Q: Relationship between Corporate Governance and Risk Management

A: Risk-taking motivates companies to step forward to produce substantial gains. Profitability leaves…

Q: risk remaining after management’s actions is

A: Option A is wrong because inherent risk is the risk of fraud or error which may exist even if the…

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: IT Governance Risk issues

A: IT Governance: It is a framework that assists the organizations in ensuring that the business…

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: 1. How does internal control impart on the achievement of organization’s goals? 2. Why risk…

A: ‘’Since you have asked multiple questions, we will solve the first question for you. If you want any…

Q: Discuss the importance of establishing an effective risk management policy at financial institutions…

A: The question is based on the concept of financial risk management and its importance in financial…

Q: Why is identification of risks, through a listing of assets and their vulnerabilities, so important…

A: Answer: One can never underestimate the importance of risk management that he is engaged in a…

Q: Discuss the auditor's risk assessment procedures for assessing control risk, and provide specific…

A: Risk assessment means to manage the risks related to the organization and taking corrective actions…

Q: internal auditors and the adequacy of an organization’s risk management process

A: Statement I is true because the duties of internal auditors include conducting risk assessments. In…

Q: Which of the following are true regarding internal auditors and the adequacy of an organization's…

A: STATEMENT I :  Risk assessment process is understanding and analyzing the relevant risks to achieve…

Q: hat are the primary tasks and Education, Training, & Certification, the primary industries of a risk…

A: Risk management is a broadly applicable business concept that is widely recognized as vital to an…

Q: Which of the following is the first stage to be performed in order to properly manage risks? a.…

A: The steps followed to properly manage risks are as follows: 1. Identify the risk 2. Analyse the risk…

Q: Define business risk

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

Q: What is business risk? and How does it affect audit risk?

A: Business Risk: Business risks are elements which have an adverse effect on the performance and…

Q: Why is identification of risks, by listing assets and their vulnerabilities, so important to the…

A: Risk management: Risk management is the process of recognizing risk, assessing its relative scale…

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: hedging and diversification are risk management tools, explain why hedging is the preferred tool for…

A: Hedging and diversification are two methods of risk management techniques but hedging is mostly…

Q: Risk management practice has seen significant development in recent time’. Provide a critical…

A: The whole process of risk management includes assessing the risk levels and extent in line with the…

Q: the system in risk analysis and internal control

A:

Q: hat are the benefits of the internal audit function establishing a risk-based plan when identifying…

A: Internal audit function: An internal audit offerss risk management and evaluates the effectiIveness…

Q: Which of the following is not one of the components of COSO’s framework? A. Objective setting which…

A: COSO's Framework: It implies to a framework that includes the division of company's internal…

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…