CDFM Module 1: Resource Management
Environment 1.3 Exam Questions And
Answers
Enterprise Risk Management (ERM) -
correct answer ✅-agency wide approach to addressing
interrelated risk & how to more effectively prioritize & manage risk
OMB Circular 136 Financial Reporting Requirements -
correct answer ✅-Requires each agency to develop a risk profile &
suggest putting in place an oversight counsel
Internal Controls -
correct answer ✅-is a process effected by an entity's oversight
body, management, and other personnel that provides reasonable
assurance that the objectives of an entity will be achieved.
ERM and IC responsibilities: -
correct answer ✅Federal leaders & managers are responsible for:
(1) establishing & achieving goals & objectives, (2) seizing
opportunities to improve effectiveness and efficiency of operations,
(3) provide reliable reporting, and (4) maintaining compliance with
relevant laws & regulations
OMB Circular A-123 -
correct answer ✅provides guidance to Federal Managers on
, CDFM Module 1: Resource Management
Environment 1.3 Exam Questions And
Answers
improving the accountability & effectiveness of Federal programs &
operations by identifying & managing risks, & establishing
requirements to assess, correct, and report on the effectiveness of
internal controls
Government Performance and Results Act Modernization Act
(GPRAMA) -
correct answer ✅-sets objectives, do a risk assessment and put
into internal controls
Agencies must: -
correct answer ✅annually, agencies must develop a risk profile
coordinated with their annual strategic reviews and also provide
assurances on internal control effectiveness in their Agency
Financial Report (AFR) or Performance & Accountability Report
(PAR) due Nov 15th
Relationship between ERM and IC -
correct answer ✅-Leading international standards setters in the
fields of risk management & internal control, including both the
Committee of Sponsoring Organizations of the Treadway
Commission (COCO) and the International Organization for
Environment 1.3 Exam Questions And
Answers
Enterprise Risk Management (ERM) -
correct answer ✅-agency wide approach to addressing
interrelated risk & how to more effectively prioritize & manage risk
OMB Circular 136 Financial Reporting Requirements -
correct answer ✅-Requires each agency to develop a risk profile &
suggest putting in place an oversight counsel
Internal Controls -
correct answer ✅-is a process effected by an entity's oversight
body, management, and other personnel that provides reasonable
assurance that the objectives of an entity will be achieved.
ERM and IC responsibilities: -
correct answer ✅Federal leaders & managers are responsible for:
(1) establishing & achieving goals & objectives, (2) seizing
opportunities to improve effectiveness and efficiency of operations,
(3) provide reliable reporting, and (4) maintaining compliance with
relevant laws & regulations
OMB Circular A-123 -
correct answer ✅provides guidance to Federal Managers on
, CDFM Module 1: Resource Management
Environment 1.3 Exam Questions And
Answers
improving the accountability & effectiveness of Federal programs &
operations by identifying & managing risks, & establishing
requirements to assess, correct, and report on the effectiveness of
internal controls
Government Performance and Results Act Modernization Act
(GPRAMA) -
correct answer ✅-sets objectives, do a risk assessment and put
into internal controls
Agencies must: -
correct answer ✅annually, agencies must develop a risk profile
coordinated with their annual strategic reviews and also provide
assurances on internal control effectiveness in their Agency
Financial Report (AFR) or Performance & Accountability Report
(PAR) due Nov 15th
Relationship between ERM and IC -
correct answer ✅-Leading international standards setters in the
fields of risk management & internal control, including both the
Committee of Sponsoring Organizations of the Treadway
Commission (COCO) and the International Organization for
