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RSK2601 Assignment 01 SEMESTER 2 2024 (347157)
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RSK2601: ENTERPRISE RISK MANAGEMENTASSIGNMENT 01 SOLUTIONS
SEMESTER 1 2023
Multiple-choice questions
QUESTION 1
In terms of the King III code of governance principles …
1. risk management should be performed on an ongoing basis.
2. internal audit should be integrated with the risk management process.
3. compliance should not form part of the risk management process.
4. risk management is separable from the company’s strategic business processes.
• Risk management is inseparable from the company’s strategic business and business
processes.
• Risk assessment should be performed on an ongoing basis.
• Internal audit should provide independent assurance on the risk management process.
• Compliance should form part of the risk management process.
, QUESTION 2
Which stage of the enterprise risk management (ERM) process is concerned with gaining an
understanding of the background to the business as a whole and the specific business activities,
processes or projects?
1. Risk analysis
2. Risk evaluation
3. Monitoring and review
4. Establishing the context
To acquire accurate data and information about the whole business.
A risk breakdown structure must be constructed These activities include:
• Clarifying & recording business objectives
• Understanding the business plan
• Examining the industry (business operates)
• Establishing business processes
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