Exam (elaborations)
RSK2601 EXAM PACK 2023
- Course
- RSK2601 EXAM PACK 2023
- Institution
- University Of South Africa
RSK2601 EXAM PACK 2023
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RSK2601EXAM
PACK 2023
,RSK2601
MAY/JUNE 2016
SECTION A:MULTIPLE CHOICE QUESTIONS (40MARKS)
1-3 21-4
2-1 22-3
3-2 23-3
4-4 24-2
5-2 25-3
6-4 26-3
7-4 27-2
8-2 28-3
9-4 29-2
10-1 30-3
11-1 31-3
12-2 32-2
13-2 33-3
14-1 34-3
15-4 35-1
16-3 36-3
17-3 37-4
18-3 38-4
19-3 39-1
20-2 40-3
3
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, ENTERPRISE RISK MANAGEMENT
SECTION B:ESSAY QUESTIONS
ANSWER ALL QUESTIONS IN THE SPACES PROVIDED
QUESTION1-INTRODUCTION TO ENTERPRISE RISK MANAGEMENT(14MARKS)
Mrs Jacobs has just been appointed as the new CEO of CALL 4U Ltd.She
approaches you as the risk manager to gain a better understanding of the
implementation of enterprise risk management(ERM)within the company
Compile a report addressed to Mrs Jacobs in which you explain the elements of
an ERM structure
i)Corporate governance(board oversight)
-Corporate governance refers to a framework of rules and practices by which a
board of directors ensures Accountability ,fairness and transparency in a
companys relationship with all its
stakeholders(financiers,customers,management,employees,government and
the community.
-The corporate governance framework consists of the following:
.Explicit and implicit contracts between the companys and the stakeholders for
the distribution of responsibilities,rights and rewards
.Procedures for reconciling the conflicting interests of stake holders in
accordance with their duties,priviledges and roles
.Procedures for proper supervision ,control and information flows to serve as a
system of checks and balances
ii)Internal controls
-It refers to the process that is effected by a companys board of
directors,management and other personnel,designed to provide reasonable
assurance regarding the achievement of objectives in the following categories:
-Reliability of financial reporting
-Compliance with applicable laws and regulations
-Effectiveness and efficiency of operations
4
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