New definition of risk under ISO 31000 and 31010 is:
Answer(s): D
According to ISO/IEC Guide73 (2009), clause 1., risk is defined as "the effect of uncertainty on objectives". This definition applies to both ISO/IEC Guide73 (2009) and ISO31000 (2018), which are standards for risk management terminology and principles respectively.
Causes of risk include all the following except:
Answer(s): C
According to ISO/IEC Guide73 (2009), clause B., causes are "elements which alone or in combination have potential to give rise to risk". Health, safety, environment, finance and chemical breakdown are examples of causes that can create risks for an organization or an individual 1. Insurance is not a cause but a method of transferring or mitigating some types of risks 1.
Risk management as defined by OCEG GRC model is:
Answer(s): B
According to 1, OCEG GRC model is "a framework for integrating governance, risk management,compliance and ethics/culture into a single capability". It defines risk management as "the capability that enables an organization to understand how uncertainty affects its ability to achieve objectives" 2.
Which of the following is the current trend in auditing, risk management and compliance?
According to 3, page 6, one of the current trends in auditing, risk management and compliance is "moving from a back-office function providing lagging indicators about risk (e.g., audit findings) to a front-office function providing leading indicators about risk (e.g., key risk indicators)".
Which risk is sometimes called `retained risk.'?
Answer(s): A
According to ISO/IEC Guide73 (2009), clause B., residual risk is "the level of remaining after controls have been applied". It is sometimes called `retained risk' because it represents the amount of risk that an organization decides to accept or retain after implementing its mitigation strategies 3.
Which of the following statements does not apply to ISO 31000?
According to ISO31000 (2018), clause 1., it is "not intended for certification purposes". It provides guidance on how organizations can manage their risks effectively using a systematic approach based on principles, framework and process 3.
Who is expected to take a more focused oversight role with respect to risk management control and governance process?
According to 3, page 7, one of the current trends in auditing, risk management and compliance is "increasing expectations for internal auditors to take a more focused oversight role with respect to enterprise-wide governance processes". Internal auditors can provide independent assurance on how well an organization manages its risks using various tools such as audits, reviews, assessments and evaluations.
Where does an internal auditor typically spend most of his time auditing today?
According to , page 9, one of the current trends in auditing, risk management and compliance is "shifting from auditing people to auditing processes". This means that internal auditors focus more on how well an organization's processes are designed and implemented to achieve its objectives and manage its risks.
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