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Managing Operational Risk in Financial Institutions
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Question 1 of 10
1. Question
The following marketing techniques can be used to increase demand for a product except
Correct
Creating a new product is an exciting venture, especially if market and consumer research has revealed a need, but comprehensive solutions aren’t available yet. Customers want solutions for their problems, but they can’t quite identify what they need. Information Scarcity, Leverage on content created by customers actively using your product, Constant innovation, Product Scarcity are marketing techniques to increase demand for a product
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Creating a new product is an exciting venture, especially if market and consumer research has revealed a need, but comprehensive solutions aren’t available yet. Customers want solutions for their problems, but they can’t quite identify what they need. Information Scarcity, Leverage on content created by customers actively using your product, Constant innovation, Product Scarcity are marketing techniques to increase demand for a product
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Question 2 of 10
2. Question
Customers want solutions to their problems; you have seen a need from the market and consumer research you conducted. How would you use product scarcity as a marketing technique to increase sales?
Correct
Product scarcity is a marketing technique used to increase demand for a product by creating a sense of urgency in the minds of consumers.
Incorrect
Product scarcity is a marketing technique used to increase demand for a product by creating a sense of urgency in the minds of consumers.
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Question 3 of 10
3. Question
The following are the processes for improving the risk culture of an organisation except one
Correct
To a large extent, an organization’s culture determines how it manages risk when under stress. For some companies, their risk culture can be a liability. For others, it can provide both stability and competitive advantage, therefore the processes for improving risk culture is very petinent
Incorrect
To a large extent, an organization’s culture determines how it manages risk when under stress. For some companies, their risk culture can be a liability. For others, it can provide both stability and competitive advantage, therefore the processes for improving risk culture is very petinent
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Question 4 of 10
4. Question
In the cultural awareness stage, companies are establishing their risk management expectations for the organization and defining roles and responsibilities around risk. What are the components of building cultural awareness include? (Select all that applies)
Correct
Companies are taking the time to educate their employees either through communications or through formal training, so they understand how to meet the organization’s cultural expectations
Incorrect
Companies are taking the time to educate their employees either through communications or through formal training, so they understand how to meet the organization’s cultural expectations
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Question 5 of 10
5. Question
In refining the organisational culture, what are the steps that are taken during this stage? (Select all that applies)
Correct
At a more advanced level, organizations approach and embrace the cultural change stage, where they foster an environment that both recognizes and rewards people for paying attention to risk, including knowing how to challenge the status quo constructively.
Incorrect
At a more advanced level, organizations approach and embrace the cultural change stage, where they foster an environment that both recognizes and rewards people for paying attention to risk, including knowing how to challenge the status quo constructively.
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Question 6 of 10
6. Question
Risk management is central to good corporate governance because it closes the loop between strategic initiatives and day-to-day operational performances, the following are required to achieve this except
Correct
A commitment to meet customer’s needs does not provide the foundation for dynamic goal setting, balanced scorecards, and guided analysis.
Incorrect
A commitment to meet customer’s needs does not provide the foundation for dynamic goal setting, balanced scorecards, and guided analysis.
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Question 7 of 10
7. Question
In transitioning to the desired risk culture, executive management must imbibe the following except one
Correct
Once an initial assessment of the current risk culture is completed, executive management would consider whether any organizational changes are needed and take steps to implement those changes as directed by the Board
Incorrect
Once an initial assessment of the current risk culture is completed, executive management would consider whether any organizational changes are needed and take steps to implement those changes as directed by the Board
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Question 8 of 10
8. Question
From the options below, what are the indices used in evaluating the risk culture in an organisation? (Select all that applies)
Correct
Risk culture may be a formidable hurdle to improving risk management performance, whether management realizes it or not. Risk culture often evolves as the organization evolves, it may make sense for organizations to use self-assessment techniques, internal surveys, focus groups and other techniques to understand the current state of risk culture in the organization
Incorrect
Risk culture may be a formidable hurdle to improving risk management performance, whether management realizes it or not. Risk culture often evolves as the organization evolves, it may make sense for organizations to use self-assessment techniques, internal surveys, focus groups and other techniques to understand the current state of risk culture in the organization
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Question 9 of 10
9. Question
Risk management involves the accurate and correct methods to manage risk, which of the options below define the reasons the importance of risk management?
Correct
Data security is the most important thing for an organization, risk management helps protect the company’s data and prevents financial risks as well
Incorrect
Data security is the most important thing for an organization, risk management helps protect the company’s data and prevents financial risks as well
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Question 10 of 10
10. Question
You have just been employed to head the risk management department, which of the following risk management objectives will you adopt to achieve your company’s goals and objectives? (Select all that applies)
Correct
To successfully achieve the company’s goals, risk management objectives must be adopted
Incorrect
To successfully achieve the company’s goals, risk management objectives must be adopted