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Managing Operational Risk in Financial Institutions
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Question 1 of 10
1. Question
What factors does management consider when assessing the maximum amount of risk their firm can assume? (Select all that applies)
Correct
Beyond introducing a systematic process for identifying and mitigating strategy risks, companies also need a risk oversight structure. A central risk team that identifies general strategy risks and establishes central policy, and specialized functional teams that design and monitor policies and controls in consultation with local business teams. The decentralized teams have the authority and expertise to help the business lines respond to threats and changes in their risk profiles, escalating only the exceptions to the central risk team for review.
Incorrect
Beyond introducing a systematic process for identifying and mitigating strategy risks, companies also need a risk oversight structure. A central risk team that identifies general strategy risks and establishes central policy, and specialized functional teams that design and monitor policies and controls in consultation with local business teams. The decentralized teams have the authority and expertise to help the business lines respond to threats and changes in their risk profiles, escalating only the exceptions to the central risk team for review.
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Question 2 of 10
2. Question
As a risk manager, you have been able to identify the value of the risk your company faces, what cost-effective approaches will you employ to manage the risk? (Select all that applies)
Correct
Sometimes, a risk will be so serious that you simply want to eliminate it, for example by avoiding the activity altogether, or using a completely different approach or If you don’t want to abandon the activity altogether, a common approach is to reduce the risk associated with it.
Incorrect
Sometimes, a risk will be so serious that you simply want to eliminate it, for example by avoiding the activity altogether, or using a completely different approach or If you don’t want to abandon the activity altogether, a common approach is to reduce the risk associated with it.
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Question 3 of 10
3. Question
To assess, benchmark, and improve enterprise risk management capabilities, what unique tool is employed?
Correct
The Risk Organization Diagnostic and Benchmarking Tool allows you to quickly assess your current ‘state of play’ using tried and tested criteria to benchmark your current ‘state of play’ against key indicators and best practice, diagnose where the key gaps are, make evidence-based decisions to improve effectiveness and efficiency.
Incorrect
The Risk Organization Diagnostic and Benchmarking Tool allows you to quickly assess your current ‘state of play’ using tried and tested criteria to benchmark your current ‘state of play’ against key indicators and best practice, diagnose where the key gaps are, make evidence-based decisions to improve effectiveness and efficiency.
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Question 4 of 10
4. Question
Root Cause Analysis assumes that systems and events are interrelated. An action in one area triggers an action in another, and another, and so on. What are the steps involved in the process?
Correct
Root Cause Analysis (RCA) is a popular and often-used technique that helps people answer the question of why the problem occurred in the first place. It seeks to identify the origin of a problem using a specific set of steps, with associated tools, to find the primary cause of the problem, so that you can: determine what happened, determine why it happened and figure out what to do to reduce the likelihood that it will happen again.
Incorrect
Root Cause Analysis (RCA) is a popular and often-used technique that helps people answer the question of why the problem occurred in the first place. It seeks to identify the origin of a problem using a specific set of steps, with associated tools, to find the primary cause of the problem, so that you can: determine what happened, determine why it happened and figure out what to do to reduce the likelihood that it will happen again.
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Question 5 of 10
5. Question
What is the significance of monitoring and reviewing action plans in project management?
Correct
Project monitoring aids various purposes. It brings out the problems which occur or which might occur during the implementation of the project and which demands solutions for smoother progress in the project. Effective monitoring helps in knowing if the intended results are being achieved as planned, what actions are needed to achieve the intended results during the project execution, and whether these initiatives are creating a positive impact towards the project execution.
Incorrect
Project monitoring aids various purposes. It brings out the problems which occur or which might occur during the implementation of the project and which demands solutions for smoother progress in the project. Effective monitoring helps in knowing if the intended results are being achieved as planned, what actions are needed to achieve the intended results during the project execution, and whether these initiatives are creating a positive impact towards the project execution.
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Question 6 of 10
6. Question
You have been promoted to the position of Chief Human Resource Manager, as part of your strategy to meet your company’s goal and objectives, what two reasons will you give management for training to be conducted? (Select all that applies)
Correct
The importance of training your employees – both new and experienced – really cannot be overemphasized, as it will give the employee a greater understanding of their responsibilities within their role, and in turn, build their confidence. This confidence will enhance their overall performance and this can only benefit the company.
Incorrect
The importance of training your employees – both new and experienced – really cannot be overemphasized, as it will give the employee a greater understanding of their responsibilities within their role, and in turn, build their confidence. This confidence will enhance their overall performance and this can only benefit the company.
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Question 7 of 10
7. Question
What is the benefit of risk awareness workshops as a method of personal communication within a financial organization?
Correct
Risk awareness is the raising of understanding within the population of what risks exist, their potential impacts, and how they are managed.
Incorrect
Risk awareness is the raising of understanding within the population of what risks exist, their potential impacts, and how they are managed.
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Question 8 of 10
8. Question
The following are the benefits of effective communication in the workplace except?
Correct
Effective communication in a workplace fosters performance and increases productivity
Incorrect
Effective communication in a workplace fosters performance and increases productivity
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Question 9 of 10
9. Question
As an Enterprise Risk Manager, which of the following steps will you adopt for operational risk management? (Select all that applies)
Correct
Operational Risk Management (ORM) is defined as a continual cyclic process which includes risk assessment, risk decision making, and implementation of risk controls, which results in acceptance, mitigation, or avoidance of risk. ORM is the oversight of operational risk, including the risk of loss resulting from inadequate or failed internal processes and systems; human factors; or external events. Unlike other types of risks (market risk, credit risk, etc.) operational risk had rarely been considered strategically significant by senior management
Incorrect
Operational Risk Management (ORM) is defined as a continual cyclic process which includes risk assessment, risk decision making, and implementation of risk controls, which results in acceptance, mitigation, or avoidance of risk. ORM is the oversight of operational risk, including the risk of loss resulting from inadequate or failed internal processes and systems; human factors; or external events. Unlike other types of risks (market risk, credit risk, etc.) operational risk had rarely been considered strategically significant by senior management
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Question 10 of 10
10. Question
Making the most of your existing staff is the first step to understanding their individual skills and talents as well as working with them in such a way as to get the best out of them. Managing your existing talent effectively can include the following except?
Correct
Encourage your team members to develop their skill sets and preferences, keeping tabs on all the completed training courses and professional certifications of your team. Have a system in place that you can easily update when a team member has gained a new skill or experience. Additionally, employee profiles allow you to quickly glance over the skills currently within your organization. If a team member leaves, you may already have an employee with the skills to replace the vacancy left. This means you don’t have to go through the hiring process again.
Incorrect
Encourage your team members to develop their skill sets and preferences, keeping tabs on all the completed training courses and professional certifications of your team. Have a system in place that you can easily update when a team member has gained a new skill or experience. Additionally, employee profiles allow you to quickly glance over the skills currently within your organization. If a team member leaves, you may already have an employee with the skills to replace the vacancy left. This means you don’t have to go through the hiring process again.