Managing the new risks

What is a black swan event?

An obvious danger that is ignored

An event that develops in risk over a long period

A wholly unpredictable event with potentially severe consequences

An event that, on first impression, does not look serious

What is the 'three lines of defence' model?

The process for alerting the National Crime Agency to a financial breach

The risk-assessment system put in place by an organisation's finance function

A framework explaining the responsibilities of, and relationships between, different functions in the effective management of risk

A framework that outlines the external auditor's role in identifying areas of risk

Which best practice framework is most useful for directors when dealing with risk governance?

COSO's Enterprise Risk Management framework

UK Corporate Governance Code

ISO 31000

The 'Three Lines of Defence' model

How frequently should the board of directors review the effectiveness of a company's risk management and internal control systems?

At least once every six months

At least once a year

At least once every three months

At least once every two years

What is the minimum adjustment that companies with links to Russia must make?

They must have a written policy on how they intend to behave

They must comply with financial sanctions obligations

They must sever contact with Russian clients

They must not carry out transactions in Russian currency

Which of the following is NOT a primary way that companies can prepare for fast-emerging risks?

Promote a risk-aware culture

Delegate responsibility to a third party

Amend the risk register

Employ data analytics, artificial intelligence and other emerging technologies

Which of the following is NOT a current key operational issue facing UK businesses?

Rapidly rising inflation driving up costs

High unemployment rate

Tax and interest rate increases

Disruption from the lingering effects of Covid-19 and Brexit

What does Section 4 of the UK corporate governance code focus on?

The responsibility of the IT function for overseeing the internal control framework

The responsibility of the board for overseeing the internal control framework

The responsibility of the finance function for overseeing the internal control framework

The responsibility of the internal audit function for overseeing the internal control framework

What is an example of a high-impact threat that companies face?

Cyberattack using malware and ransomware

Supplier ceases to trade

Difficulties in recruitment

New employees are not properly vetted

Which of these is an example of resilience measures?

Moving to shorter and more localised supply chains

Implementing a standardised supply chain across the globe

Using just-in-time stock replenishment

Relying on one trusted supplier

Managing the new risks

What is a black swan event?

What is the 'three lines of defence' model?

Which best practice framework is most useful for directors when dealing with risk governance?

How frequently should the board of directors review the effectiveness of a company's risk management and internal control systems?

What is the minimum adjustment that companies with links to Russia must make?

Which of the following is NOT a primary way that companies can prepare for fast-emerging risks?

Which of the following is NOT a current key operational issue facing UK businesses?

What does Section 4 of the UK corporate governance code focus on?

What is an example of a high-impact threat that companies face?

Which of these is an example of resilience measures?

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