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CRMA-Certified Risk Management Assurance quizzes with answers.
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CRMA-Certified Risk ManagementAssurance quizzes with answers.
Inherent Risk ANS -the impact and likelihood of a risk event if no controls are in placed
Dimensions used in the facilitation activity ANS -1. Planning
2. Meaning
3. Confronting
4. Feeling
5. Structuring
6. Valuing
Risk escalation ANS -Reporting risk incidents up the chain of command
Velocity ANS -Measure of how much prior warning and preparation time an org has between the events
of occurrence and impact
Vulnerability ANS -A measure of how susceptible the org is to a given risk
Legitimate Audit roles with safeguards ANS -1. Facilitating identification and evaluation of risks
2. Coaching mgt in responding to risks
3. Coordinating ERM activities
4. Consolidating reporting on risk
5. Maintaining and developing ERM framework
6. Advocating establishment of ERM
7. Developing ERM strategy for Board approval
Indicators are used by management to track? ANS -High priority risks
, Objectives of consulting engagements are set by? ANS -Engagement client
Auditors set objectives for which types of engagements? ANS -Assurance
Control risk ANS -The risk that controls fail to effectively manage controllable risks
Roles Auditors should not undertake ANS -1. Setting risk appetite
2. Imposing ERM process
3. Managing assurance on risk
4. Making decisions on risk responses
5. Implementing risk reposnses on mgt's behalf
6. Assuming ownership of & accountability for ERM
Performance indicators are used to determine? ANS -Value
Safeguards for internal audit activity ANS -1. Audit committee must formally approve CAE to undertake
CRO role
2. Audit should never be required to take on ERM responsibility
3. Any internal audit role other than assurance is considered consulting
What is the common problem with brainstorming sessions? ANS -Groupthink
Which risk identification technique is used during facilitation sessions? ANS -Brainstorming, surveys and
questionnaires
The 3 classes of assurance providers are distinguished based on an alaysis of? ANS -1. The stakeholders
they serve
2. Their level of independence
3. Reliability placed on the assurance
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