exam-26-june-2014-questions-and-answers-RSK2601.pdf - lOMoARcPSD|4162497 EXAM 26 June 2014 questions and answers Enterprise Risk Management(University

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StuDocu is not sponsored or endorsed by any college or university EXAM 26 June 2014, questions and answers Enterprise Risk Management (University of South Africa) Downloaded by Terosha Naidoo ([email protected]) lOMoARcPSD|4162497
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1 RSK2601 EXAM PACK Downloaded by Terosha Naidoo ([email protected]) lOMoARcPSD|4162497
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2 TABLE OF CONTENTS MAY/JUNE 2016………………………..………….3 OCT/NOV 2016…………………………..……………9 OCT/NOV 2015……………………………………….13 MAY/JUNE 2015…………………………………….. 18 MAY/JUNE 2014……………………………………..23 RSK2601 MAY/JUNE 2016 SECTION A: MULTIPLE CHOICE QUESTIONS (40 MARKS) 1-3 2-1 3-2 4-4 5-2 6-4 Downloaded by Terosha Naidoo ([email protected]) lOMoARcPSD|4162497
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3 7-4 8-2 9-4 10-1 11-1 12-2 13-2 14-1 15-4 16-3 17-3 18-3 19-3 20-2 21-4 22-3 23-3 24-2 25-3 26-3 27-2 28-3 29-2 30-3 31-3 32-2 33-3 34-3 35-1 36-3 37-4 38-4 39-1 40-3 ENTERPRISE RISK MANAGEMENT SECTION B: ESSAY QUESTIONS ANSWER ALL QUESTIONS IN THE SPACES PROVIDED QUESTION1-INTRODUCTION TO ENTERPRISE RISK MANAGEMENT (14MARKS) Downloaded by Terosha Naidoo ([email protected]) lOMoARcPSD|4162497
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4 Mrs Jacobs has just been appointed as the new CEO of CALL 4U Ltd.She approaches you as the risk manager to gain a better understanding of the implementation of enterprise risk management (ERM) within the company Compile a report addressed to Mrs Jacobs in which you explain the elements of an ERM structure I) Corporate governance (board oversight) -Corporate governance refers to a framework of rules and practices by which a board of directors ensures Accountability, fairness and transparency in a company’s relationship with all its stakeholders (financiers, customers, management, employees, government and the community. -The corporate governance framework consists of the following: .Explicit and implicit co ntracts between the company’s and the stakeholders for the distribution of responsibilities, rights and rewards .Procedures for reconciling the conflicting interests of stake holders in accordance with their duties, privileges and roles .Procedures for proper supervision, control and information flows to serve as a system of checks and balances ii) Internal controls - It refers to the process that is effected by a company’s board of directors, management and other personnel, designed to provide reasonable assurance regarding the achievement of objectives in the following categories: -Reliability of financial reporting -Compliance with applicable laws and regulations -Effectiveness and efficiency of operations iii) Implementation -Implementation of risk can be resourced internally or externally. The parameters of any planned actions have to be communicated, mapped and Downloaded by Terosha Naidoo ([email protected]) lOMoARcPSD|4162497
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5 agreed so that time factor, resources, costs, inputs and deliverables are understood.
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