COSO - Enterprise Risk Management Exam Questions and Answers

COSO - Enterprise Risk Management Exam
Questions and Answers
Value is maximized when: - -Strategy balances risks and returns as well as
efficiency and effectiveness in accomplishing objectives.

- What are the ERM Objectives? - -Strategy
Operations
Reporting
Compliance

- What are the components of ERM? - -Internal Environment
Setting Objectives
Event Identification
Assessment of Risks
Risk Response
Control Activities
Information and Communication
Monitoring

- What are the critical components of Internal Environment? - -Commitment
to Ethics and Integrity
Board Independence and Oversight
Organizational Structure
Commitment to Competence
Accountability
Human Resources Standards
Risk Management Philosophy
Risk Appetite

- What are the components of Setting Objectives? - -Strategy
Operations
Reporting
Compliance

- What are the components of Event Identification? - -Specify Objectives
Identify and Assess Changes
Consider Potential for Fraud
Identify and Assess Risks

- What are the assessment techniques for Risk Assessment? - -
Benchmarking (best practice)
Probabilistic Models (statistics)
Non-probabilistic Models (opinions)