Enterprise Risk Management - D515 WGU New System Challenge exam questions and answers

Enterprise Risk Management -
D515 WGU New System
Challenge exam questions and
answers
principle of ERM: 5 - ANSWERS>>>>>Risk management is
systematic, timely, and structured


principle of ERM: 6 - ANSWERS>>>>>Risk management is based
on the best available information


principle of ERM: 7 - ANSWERS>>>>>Risk management is tailored


principle of ERM: 8 - ANSWERS>>>>>Risk management takes
human and cultural factors into account


principle of ERM: 9 - ANSWERS>>>>>Risk management is
transparent and inclusive


principle of ERM: 10 - ANSWERS>>>>>Risk management is
dynamic, iterative, and responsive to change


principle of ERM: 11 - ANSWERS>>>>>Risk management facilitates
continual improvement of the organization

,major step to ERM: 1 - ANSWERS>>>>>establish the risk
organization (Risk management architecture)


major step to ERM: 2 - ANSWERS>>>>>define what ERM is, and
what it should accomplish (Risk strategy)


major step to ERM: 3 - ANSWERS>>>>>Define and document how
risk assessment and risk management processes are executed
(Risk protocols)


establishing the risk organization step 1 -
ANSWERS>>>>>Mandate and commitment: mandate and
commitment from the board is critically important and it needs to
be continuous and high-profile.


establishing the risk organization step 2 -
ANSWERS>>>>>Designing a framework program for managing
risk


role of management: 1 - ANSWERS>>>>>define and endorse the
risk management policy


role of management: 2 - ANSWERS>>>>>ensure that the
organization's culture and risk management policy are aligned


role of management: 3 - ANSWERS>>>>>determine risk
management performance indicators that align with
performance indicators of the organization

,role of management: 4 - ANSWERS>>>>>align risk management
objectives with the objectives and strategies of the organization


role of management: 5 - ANSWERS>>>>>ensure legal and
regulatory compliance


role of management: 6 - ANSWERS>>>>>assign accountabilities
and reposnsibilities at appropriate levels with the organization


role of management: 7 - ANSWERS>>>>>ensure that the
necessary resources are allocated to risk management


role of management: 8 - ANSWERS>>>>>communicate the
benefits of risk management to all stakeholders


role of management: 9 - ANSWERS>>>>>ensure that the
framework for managing risk continues to remain appropriate


communication and consultation: step 1 -
ANSWERS>>>>>developing a communication plan


communication and consultation: step 2 - ANSWERS>>>>>defining
the context appropriately

, communication and consultation: step 3 -
ANSWERS>>>>>ensuring that the interests of stakeholders are
understood and considered


communication and consultation: step 4 -
ANSWERS>>>>>bringing together different areas of expertise for
identifying and analyzing risk


communication and consultation: step 5 -
ANSWERS>>>>>ensuring that different views are appropriately
considered in evaluating risks


communication and consultation: step 6 -
ANSWERS>>>>>ensuring that risks are adequately identified
Enterprise Risk Management (ERM) - ANSWERS>>>>>includes
methods and processes used by organizations to manage risks
and seize opportunities related to the achievement of objectives


Risk Oversight - ANSWERS>>>>>the board's supervision of the
risk management framework and risk management process


Risk Management - ANSWERS>>>>>the responsibility(s) of a
company's management team in relation to risk


understanding an organization: step 1 - ANSWERS>>>>>identifying
the organization's objectives, stakeholder obligations, statutory
duties, and the enviroment in which the organization operates