Final Exam Review

Question 1

What can communication challenges in outsourcing cause?

Accepted Answer

Delays and errors

Question 2

What is crucial for a successful global supply chain?

Accepted Answer

Tracking market trends

Question 3

What are some simple actions to help with ESG risks in everyday life?

Accepted Answer

Donate, Use rain barrels, Recycle, Walk, Use reusable straws, Use rain barrels, Go paperless, Ride share, Don't use single-use plastics

Question 4

What is risk avoidance?

Accepted Answer

Stopping risky activities

Question 5

What can GPS tracking be used for in the supply chain?

Accepted Answer

Route optimization, theft prevention, and delay predictions

Question 6

What can help manage risks from natural disasters?

Accepted Answer

Contingency plans

Question 7

What does internal audit evaluate?

Accepted Answer

Internal controls

Question 8

What is risk appetite?

Accepted Answer

Amount of risk tolerated

Question 9

What can data breaches expose?

Accepted Answer

Proprietary information

Question 10

What is risk reporting?

Accepted Answer

Communicating risk information

Question 11

What are the advantages of using an ESG framework?

Accepted Answer

Standardization

Question 12

What is the COSO ERM Framework?

Accepted Answer

Risk management framework

Question 13

What is the first step in supply chain risk management?

Accepted Answer

Identification

Question 14

What can counterfeit products undermine?

Accepted Answer

Brand integrity

Question 15

What is the purpose of the Task Force on Climate-Related Financial Disclosures (TCFD)?

Accepted Answer

Climate-related disclosures

Question 16

What role does the board play in risk management?

Accepted Answer

Oversight and guidance

Question 17

What can excess inventory lead to?

Accepted Answer

Lost sales

Question 18

What can non-compliance by suppliers cause?

Accepted Answer

Legal risks

Question 19

What can cybersecurity threats in supply chains cause?

Accepted Answer

Operational disruptions

Question 20

What are some assessment approaches for ESG risks?

Accepted Answer

Expert input, Forecasting, Scenario analysis, ESG-specific tools, Competitor analysis, Stakeholder assessments, Peer benchmarking, Data-driven approaches

Question 21

What is the role of a Chief Risk Officer?

Accepted Answer

Oversee risk management

Question 22

How has technology revolutionized risk management?

Accepted Answer

By increasing efficiency and reducing human error

Question 23

What can single-source dependency create?

Accepted Answer

Significant vulnerability

Question 24

What is risk transfer?

Accepted Answer

Shifting risk to another

Question 25

What is risk exploitation?

Accepted Answer

Maximizing opportunity benefits

Final Exam Review

Questions 25

Final Exam Review

Questions 25