In order to provide the most useful information for an organization's risk management decisions, which of the following should be assessed?

Risk levels for future events based on the degree of uncertainty of those events and their cost of mitigation.
Inherent and control risks and their impact on the extent of financial misstatements.
Risk levels of current and future events,their effect on the achievement of the organization's objectives,and their underlying causes.
Risk levels of current and future events,their impact on the organization's mission,and the potential for the elimination of existing risk factors.

Answer(s): C

Which of the following represents the most effective governance structure?

Answer(s): A

Which of the following represents the correct order of the risk management process?

Resource allocation,risk management metrics,risk assessment,post-mortem analysis,effective communication.
Risk management metrics,resource allocation,risk assessment,effective communication,post-
mortem analysis.
Risk assessment,resource allocation,risk governance and reporting,post-mortem analysis,feedback.
Resource allocation,risk monitoring,risk assessment,feedback,post-mortem analysis.

Answer(s): C

Which of the following is a role of the board of directors in the governance process?

Conduct periodic assessments of the organization's governance systems.
Obtain assurance concerning the effectiveness of the organization's governance systems.
Implement an effective system of internal controls to support the organization's governance systems.
Review and approve operational goals and objectives.

Answer(s): B

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