Who does the board ultimately hold responsible for establishing an ERM framework and for managing risks faced by the organization?
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Who does the board ultimately hold responsible for establishing an ERM framework and for managing risks faced by the organization?
a) Chief Executive Officer
b) Chief Keef
c) Chief Risk Officer
d) Chief Financial Officer
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- The Board of Directors of your company have recently attended a training program with the topicImproving Performance Using Total Quality Management. After the training, Senior ManagementStaff who attended the training still did not understand the key topics discussed. REQUIREDYou have been nominated by your Company because of the formal training you had inManagement Accounting and your understanding of the topic under consideration. Write a reportto the Management of your company detailing out key topics to be discussed under total QualityManagement.Match the appropriate Risk Management Document with the description The document with the purpose of guidng risk managment decision making Risk Management Cost of Risk Assessement The document which outlines the fundumental guidelines of risk mangement within the enterprise Risk Management Policy Statement (RMPS) The document which is clear, concise and preferablly short Risk Management Mission Statement (RMMS) Standard Operating Procedure (SOP) The more detailed document which may include explicit instructions to a person performing the function The document which is developed through the risk management function, but circulated and communicated through the enterprise >Organizing a Risk Analysis. You are the director of internal auditing of a large municipal hospital. You receive monthly financial reports prepared by the accounting department, and your review of them has shown that total accounts receivable from patients has steadily and rapidly increased over the past eight months.Other information in the reports shows the following conditions:a. The number of available hospital beds has not changed.b. The bed occupancy rate has not changed.c. Hospital billing rates have not changed significantly.d. The hospitalization insurance contracts have not changed since the last modification 12 months ago.Your internal audit department audited the accounts receivable 10 months ago. The audit file for that assignment contains financial information, a record of the risk analysis, documentation of the study and evaluation of management and internal risk mitigation controls, documentation of the evidence-gathering procedures used to produce evidence about the…
- 13. Enterprise Risk Management (ERM) is designed to achieve which of the following four categories of objectives, except Group of answer choices None of the choices Strategic, Reporting, Operations, Compliance Operations, Reporting, Compliance, Strategic Strategic, Operations, Reporting, Compliance Reporting, Compliance, Strategic, OperationsState the pupose of an IT security audit and briefly discuss the key elemnets of such an auditelect a Balanced Scorecard publicly available on the internet and discuss how it can benefit the entity and any concerns you have regarding how this particular scorecard could potentially not benefit the entity or in fact add negative value to the entity. Financial Component of Scorecard IF OPTION 1 (FOUND A SCORECARD) Clear, detailed explanation of the strengths and potential weaknesses of this component of the scorecard. Learning and Growth Component of Scorecard IF OPTION 1 (FOUND A SCORECARD) Clear, detailed explanation of the strengths and potential weaknesses of this component of the scorecard. Customer Perspective Component of Scorecard IF OPTION 1 (FOUND A SCORECARD) Clear, detailed explanation of the strengths and potential weaknesses of this component of the scorecard. Customer Perspective Component of Scorecard IF OPTION 1 (FOUND A SCORECARD) Clear, detailed explanation of the strengths and potential weaknesses of this component of the scorecard. Internal Processes Component…
- Discuss the meaning of the following two (2) risk management concept A). Risk tracking B). Risk reportingYou are working as a chief information officer in a mid-sized company. The chief executive officer of your company has decided to automate all the operational areas to enhance the operational efficiency of the business. In particular, the chief executive officer decided to implement enterprise resource planning. For this purpose, the chief executive officer has arranged a meeting with a consulting firm that specialises in implementing enterprise resource planning. The first instinct of the chief executive officer was to sign a contract with the consultant, but he decided to hold off until he had received your input. The chief executive officer wants your opinion on this issue. In particular, he asked you to write a memo presenting the issues and the risks associated with consultants. Your discussion should be based on the relevant interactive tutorial. Is there any impact of the recent pandemic on the behaviour of ERP consulting firms? Further, outline a set of procedures that could be…Asset and inventory management is the way an organization monitors the assets it owns. The organization tracks items such as location, maintenance requirements, and performance until the item is no longer in service. 1. Is asset and inventory management important to conducting a business impact analysis? Why or why not?
- You are in your new job as the Chief Financial Officer for a hospital that is struggling with patient collections and you may have to recommend staff reductions to keep the hospital solvent, what ways would you use to boost collection of patient financial responsibility and what would you do if the patient still cannot pay?What is the best Risk managemnt Module to manage operational risk? And why.Suggest ONE advantage of having an insurance policy and ONE contributingfactor to errors in allocation of deductions from the perspective of an Operational Manager in the Claims Department. Suggest ONE advantage of having an insurance policy and ONE contributingfactor to errors in allocation of deductions from the perspective of an Strategic Manager in Underwriting Department.