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Risk Management ACC Flashcards | StudBud
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Risk Management ACC
Risk Management ACC
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Questions
10
Answers
1
According to our presentation, what is NOT one of the components of Internal Control?
Control Activities
Use of AI
Monitoring
Information Systems
2
What description is related to the description of physical controls, according to our presentation?
Include measures such as data backups, encryption, and access controls.
Using locks, cameras, and security guards to help prevent theft or damage.
A company conducts an audit of its financial statements...
It involves ensuring that data is accurate, complete, and confidential.
3
"Assessing and quantifying the level of risk associated with a particular activity, investment, or decision". It refers:
Internal Control
Information Systems
Control Activities
Risk Measurement
4
What forms might control activities take, according to our presentation?
Policies and issuance of reports
Use of external audits
Automated Controls
Checks and Balances
5
According to our presentation, what is one method for monitoring?
External Audits
Executive Information
Decision Support
Internal Audits
6
What is necessary for a continuous monitoring within our organizations?
The use of automated tools and systems for real-time activities.
Independent assessments of an organization's internal control system
Functional areas of an organization such as finance and human resources.
Appropriate security controls, such as firewalls and antivirus.
7
Why is control activities essential for organizations?
All of these options are correct.
Ensure compliance with laws and regulations.
They help mitigate risks.
Promote the achievement of an organization's objectives.
8
"Estimate the maximum potential loss that could occur within a given time period and confidence level" This refers to:
Stress Testing Method
Sensitivity Analysis Method
Value at Risk Method
Probability and Impact Analysis Method
9
What is an example of the concept of control activities?
A collection of hardware and software used to process and disseminate info.
IS plays a critical role in cybersecurity.
Review and analyze the weaknesses, and then take corrective actions.
Separating the duties of individuals involved in an organizational process.
10
Monitoring refers to specific actions or measures taken by organizations to help mitigate risks and achieve its goals.
False
True
