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Arm 400,..., questions and answers verified 2024
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Arm 400,..., questions and answers verified 2024
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Arm 400Hardware Store has been able to control its prices and inventory since it has
no competitors. A new highway currently being constructed is going to allow
increased competition for Hardware Store. According to the quadrants of risk,
this risk of increased competition falls into the category of - correct answer
✔Strategic risk.
Which one of the following is the inherent weakness of root cause analysis
(RCA)? - correct answer ✔D. It can only look backward.
Metadata contains - correct answer ✔A. Information about data as well as
rules about that data.
When comparing principles-based regulation with rules-based regulation,
which one of the following statements is correct? - correct answer ✔D.
Principles-based regulation responds more quickly to a changing
environment.
The lifeblood of every organizational function is - correct answer ✔C. Data.
One of the key department players in compliance program implementation is
Internal Audit. As such, the main responsibility of Internal Audit involves which
of the following? - correct answer ✔B. Oversight of financial compliance
Which one of the following best explains why the audience should be known
for effective enterprise risk management (ERM) communication? - correct
answer ✔B. The communication must address the level of technical, legal or
financial understanding of the audience for the message to be received.
, Organizations use key risk indicators (KRIs) to plan for and respond to risk.
Which one of the following statements is correct with respect to KRIs? -
correct answer ✔A. KRIs are based on quantifiable information and support
management decisions.
Which one of the following continuity strategy models involves maintaining two
or more active sites that are geographically dispersed? - correct answer ✔D.
Split operations model
Emerging technologies such as artificial intelligence and machine learning are
being applied by some businesses as part of their internal audit and control
process. A key benefit of such applications is - correct answer ✔C. Detection
of fraud and inefficient practices in real time
Which one of the following bases of organizational culture are exhibited
through the organization's goals and the manner in which it pursues its goals?
- correct answer ✔C. Values
While risk management and internal audit have a shared goal of managing
organizational risks, risk management and internal audit have traditionally
been separate. Which one of the following roles is the responsibility of internal
audit? - correct answer ✔A. Checking the internal risk controls to ensure
they are in place and working
Business process management (BPM) uses risk indicators. Which one of the
following best defines the term "risk indicator"? - correct answer ✔B. It is a
tool used to measure the level of uncertainty in an activity, project, or process.
An analysis of an organization's external environments will help identify its -
correct answer ✔B. Opportunities and threats.
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