08/10/2021, 01:24 SELF TEST COSO ERM FRAMEWORK

SELF TEST COSO ERM FRAMEWORK

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IF IDENTIFICATION, ANSWER SHALL BE IN CAPITAL LETTERS ONLY

a FOCUS of ERM wherein It helps organizations to: –Anticipate risks earlier 1 point

or more explicitly, opening up more options for managing the risks; Identify
and pursue existing and new opportunities and Improve collaboration,
trust, and information sharing *

INTEGRATION

Forms the basis of the other components by providing guidance on board 1 point
oversight responsibilities, operating structures, leadership’s tone, and
attracting, developing, and retaining the right individuals. *

GOVERNANCE AND CULTURE

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choose the relevant factor * 10 points

BENEFITS OF EFFECTIVE BOARD RISK OVERSIGHT

ERM ROLE

Responses to instances of
deviation from core values.

Improving resource
deployment:

Participating in investor and

stakeholder relations.

Identifying and managing

risk entity-wide:

Reducing performance
variability:

Approving management
incentives and remuneration.

Enhancing enterprise
resilience:

Reviewing Proposed strategy

and risk appetite.

Increasing the range of

opportunities:

Review Alignment of strategy

and business objectives with
the entity’s stated VMG.

It involves sharing information from internal and external sources 1 point

throughout the organization. Systems are used to capture, process,

manage, and report on the organization’s risk, culture, and performance. *

INFORMATION COMMUNICATION AND REPOR

a FOCUS of ERM wherein it create, preserve, and realize value. evidenced 1 point
by its prominence in the core definition of enterprise risk management and
Linkage to risk appetite *

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VALUE

ERM is a “one-size-fits-all” program– activities must be tailored to align 1 point

with the benefits *

TRUE

FALSE

Who is the PwC project lead partner of 2017 ERM framework? * 1 point

DENNIS CHESLEY

What is the 1st standard release by COSO? * 1 point

INTERNAL CONTROL INTEGRATED FRAMEWO

Enterprise risk management is not a function or department. * 1 point

TRUE

FALSE

Enterprise risk management addresses more than internal control. * 1 point

TRUE

FALSE

This component focuses on strategic planning and how the organization 1 point

can understand the effect of internal and external factors on risk *

STRATEGY AND OBJECTIVE SETTING

How many components COSO ERM FRAMEWORK has? * 1 point

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o a y co po e ts COSO O as po t

2ND PURPOSE of publishing Enterprise Risk Management—Integrated 1 point

Framework in 2004. *

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choose the PRINCIPLEIN EACH OF THE COMPONENT * 15 points

Strategy & Information,

Governance & Review &
Objective Performance Communication
culture revision
Setting & reporting

Exercises Board
Risk Oversight

Prioritizes Risks
& performance

Assesses
Severity of Risk

Reviews Risk
and
Performance

Defines Desired
Culture

Defines Risk
Appetite

Demonstrates
Commitment to
Core Values

Leverages
Information &
Technology

Communicates
Risk
Information

Analyzes
Business
Context

Formulates
Business
Objectives

Develops
Portfolio View

Assesses
Substantial
Change

Pursues
Improvement in
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Improvement in
ERM

Reports on
Risk, Culture, &
Performance

Through literature reviews, global surveys, public roundtables, and forums, 1 point
this phase identified current challenges for organizations implementing
enterprise risk management. During this phase, PwC analyzed information,
reviewed various sources of input, and identified critical issues and
concerns. COSO launched a global survey, available to the general public,
for providing input on the original Framework, soliciting almost 900
responses. *

ASSESS AND ENVISION

Applying enterprise risk management helps to create trust and instill 1 point
confidence in stakeholders in the current environment, which demands
greater scrutiny than ever before about how risk is actively addressing and
managing these risks. *

TRUE

FALSE

After an organization develops its strategy, it then moves on to identify and 1 point
assess risks that could affect its ability to achieve these goals. This section
not only helps guide the organization’s risk identification and assessment,
but also how to prioritize and respond to risks *

PERFORMANCE

The Board holds overall responsibility for managing risk to the entity, but it 1 point

is important for the Board to go further: to enhance the conversation with

the management and stakeholders about using enterprise risk
management to gain a competitive advantage. *

TRUE

FALSE

WHO is the COSO Chair when the 2017 ERM Framework had been 1 point
developed and issued? *
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ROBERT HIRTH JR

a FOCUS of ERM wherein it Depicts culture behavior within a risk spectrum; 1 point
Explores the possible effects of culture on decision making and Influences
on all aspects of enterprise risk management *

RECOGNIZES IMPORTANCE OF CULTURE

How many principles COSO ERM FRAMEWORK has? * 1 point

20

What year was the 1st release of COSO ERM integrated framework * 1 point

2004

With assistance provided by the Advisory Council and oversight of the 1 point
COSO Board, PwC prepared exposure drafts and an on-line questionnaire
to facilitate a review by the general public. *

PUBLIC EXPOSURE

it assesses any changes that have taken place. This is also the opportunity 1 point

to understand how the ERM process in the organization can be improved

upon. *

REVIEW AND REVISION

Adoption of the Framework is mandatory * 1 point

TRUE

FALSE

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Enterprise risk management can be used by large organizations only . * 1 point

TRUE

FALSE

1ST PURPOSE of publishing Enterprise Risk Management—Integrated 1 point

Framework in 2004. *

HELP ENTITIES BETTER PROTECT AND ENHAN

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