Help
Options
Didn't know it?
click below
click below
Knew it?
click below
click below
Don't Know
Remaining cards (0)
Know
retry
shuffle
restart
0:00
Embed Code - If you would like this activity on your web page, copy the script below and paste it into your web page.
Normal Size Small Size show me how
Normal Size Small Size show me how
RM 1-6
RM Standards
| Question | Answer |
|---|---|
| W/in HAZ mgmt, _____ represents the mchanism to restrict the financial cost of loss when risk materializes | Insurance |
| W/in HAZ mgmt, ____ and _____ reduce expected losses and ensure overall cost is contained | Insurance and Risk Control/Loss Management |
| The combo of Insurance and Risk Control/Loss Mgmt will reduce the _____ of ______ to an Org and cause HAZ Tolerance of Org to decline | Actual cost of Hazard Losses |
| Control mgmt is based on the est. techniques of _____, as practised by _______ | Internal financial control, as practiced by Internal Auditors |
| RM Standard is a _____ of RM Process, together with the ________ | Description of RM process, together with the recommended framework |
| RM Standards | Standards Body fof Aus(1995); AUS Standard AS 4360(2004)(W/drawn 2009 for ISO 31000); ERM version of COSO; ISO 31000(2009)BRTSH Stndrd BS 31100:2011 for implementation of 31000(2011) |
| ___Standard, produced in Coop w/ ___ and _____ is high-level approach for non RM Specialists | IRM standard(2002), w/Airmic and Alarm aimed at ____________ |
| 3 distinct appraoches followed by RM standards | RM Appraoach: ISO 31000, BS 31100, IRM Standard ; Internal Control Approach: COSO Internal Control framework, UK Turnbull Report ; Risk-aware Culture Approach: Canadian Institute of Chartered Accoutnants (CoCo Framework) |
| Best est. RM approaches | IRM Standard, ISO 31000, BS 31100, and COSO ERM framework |
| Explanation of scope of RM framework | RASP |
| RASP | Risk Architecture, Strategy and Protocols |
| 2 sep considerations of RM Framework | Supportive of RM Process ; ensure outputs from process are communicated into ORG and achieve desired results |
| Risk Architecture (RASP) | Defines roles, responsibilities, commo and risk-reporting structure |
| Risk Strategy (RASP) | Risk Strategy, Appetite, Attitudes and philosophy are defined in the RM Policy |
| Risk Protocls (RASP) | Defined in the Risk Guidelines for the Org and include the rules and procedures, as well as the RM methodologies, tools and techniques that should be used. |
| COSO ERM Corporate objectives | Strategic, Operations, Reporting, Compliance |
| COSO ERM components | Internal Environment, Objective Setting, Event Identification, Risk Assesment, Risk Response, Control Activities, Information and Communication, monitoring |
| Internal Environment (COSO ERM) | Encompasses the Org tone and sets basis for how risk is viewed and addressed |
| Objective Setting (COSO ERM) | Objectives must exist before mgmt can id potential events affecting their achievement |
| Event Idenitifcation (COSO ERM) | Internal and Ext evts affecting achievement of objs must be id'd, distinguishing btween risks and opportunities |
| Risk Assesment (COSO ERM) | Risks are analyzed, considering likelihod and impact, as a basis for determining how they should be managed |
| Risk Response (COSO ERM) | Mgmt selects risk responses: Avoiding, Accepting, Reducing, or Sharing Risk |
| Control Activities (COSO ERM) | Policies and Procedures are est and implemented to help ensure risk responses are effectively carried out |
| Information and Communication (COSO ERM) | Relevant info is id'd, captured, and communicated so that ppl can fulfil their responsibilities |
| Monitoring (COSO ERM) | Entirety of ERM is monitored and modifications made as necessary |
| Standards institutions world-wide review every ___ years | 4 Years |
Created by:
mkari02
Popular Standardized Tests sets