The advantages of captive insurance companies include:

Savings may be achieved in overall insurance costs because they charge lower premiums than traditional insurance companies, which have a higher cost of administration.

When large losses are paid by the captive, these are consolidated to the parent balance sheet and the organization ultimately pays these losses.

The captive will be exposed to insurance claims that would otherwise have been paid by the commercial insurance market.

When large losses are paid by the captive, these are consolidated to the parent balance sheet and the organization ultimately pays these losses.

The parent organization has to allocate capital to ensure adequate solvency of the captive insurance company.

Advantages of bottom-up risk assessment includes:

Significant buy-in at all levels of the organization should be achieved.

There will be little focus on external risks or strategic risks.

Danger that the approach becomes too detailed and blinkered, resulting in a silo approach to risk assessment.

New risks emerging from the operational activities of the business might not be reported by operational staff.

Time-consuming and may demotivate, if it takes longer to develop the overall enterprise results.

Advantages of bottom-up risk assessment includes:

Can be mirrored to an existing organization chart, and risk impacts beyond immediate operational risks can be discussed.

There will be little focus on external risks or strategic risks.

Danger that the approach becomes too detailed and blinkered, resulting in a silo approach to risk assessment.

New risks emerging from the operational activities of the business might not be reported by operational staff.

Time-consuming and may demotivate, if it takes longer to develop the overall enterprise results.

Advantages of bottom-up risk assessment includes:

Operational staff have great awareness of local risks and their causes, which might elude higher levels of management.

New risks emerging from the operational activities of the business might not be reported by operational staff.

Time-consuming and may demotivate, if it takes longer to develop the overall enterprise results.

Danger that the approach becomes too detailed and blinkered, resulting in a silo approach to risk assessment.

There will be little focus on external risks or strategic risks.

Advantages of bottom-up risk assessment includes:

Methodology can be varied according to local norms and culture and this is useful for a multinational organization.

There will be little focus on external risks or strategic risks.

Danger that the approach becomes too detailed and blinkered, resulting in a silo approach to risk assessment.

New risks emerging from the operational activities of the business might not be reported by operational staff.

Time-consuming and may demotivate, if it takes longer to develop the overall enterprise results.

Disadvantages of bottom-up risk assessment includes:

There will be little focus on external risks or strategic risks.

Significant buy-in at all levels of the organization should be achieved.

Operational staff have great awareness of local risks and their causes, which might elude higher levels of management.

Methodology can be varied according to local norms and culture and this is useful for a multinational organization.

Can be mirrored to an existing organization chart, and risk impacts beyond immediate operational risks can be discussed.

Disadvantages of bottom-up risk assessment includes:

Time-consuming and may demotivate, if it takes longer to develop the overall enterprise results.

Significant buy-in at all levels of the organization should be achieved.

Operational staff have great awareness of local risks and their causes, which might elude higher levels of management.

Methodology can be varied according to local norms and culture and this is useful for a multinational organization.

Can be mirrored to an existing organization chart, and risk impacts beyond immediate operational risks can be discussed.

Disadvantages of bottom-up risk assessment includes:

Danger that the approach becomes too detailed and blinkered, resulting in a silo approach to risk assessment.

Significant buy-in at all levels of the organization should be achieved.

Operational staff have great awareness of local risks and their causes, which might elude higher levels of management.

Methodology can be varied according to local norms and culture and this is useful for a multinational organization.

Can be mirrored to an existing organization chart, and risk impacts beyond immediate operational risks can be discussed.

Disadvantages of bottom-up risk assessment includes:

New risks emerging from the operational activities of the business might not be reported by operational staff.

Significant buy-in at all levels of the organization should be achieved.

Operational staff have great awareness of local risks and their causes, which might elude higher levels of management.

Methodology can be varied according to local norms and culture and this is useful for a multinational organization.

Can be mirrored to an existing organization chart, and risk impacts beyond immediate operational risks can be discussed.

Use of structured questionnaires and checklists to collect information that will assist with the recognition of the significant risks.

Flow charts and dependency analysis

Use of structured questionnaires and checklists to collect information that will assist with the recognition of the significant risks.

Flow charts and dependency analysis

Collection and sharing of ideas at workshops to discuss the events that could impact the objectives, core processes or key dependencies.

Flow charts and dependency analysis

Physical inspections of premises and activities and audits of compliance with established systems and procedures.

Flow charts and dependency analysis

Analysis of the processes and operations within the organization to identify critical components that are key to success.

Flow charts and dependency analysis

Use of mobile applications to enable individuals to upload their views on risks to a data platform.

Flow charts and dependency analysis

Advantages of top-down risk assessment includes:

The most significant strategic risks for the organization can be captured quickly and there will be a manageable number.

New risks emerging from the operational activities of the organization might not be fully identified.

Limited awareness of internal operational risks or interdependencies of risks within the business

Senior managers and directors tend to be more focused on risks external to the organization.

Danger that the approach becomes too superficial, because senior managers believe they can manage crises.

Advantages of top-down risk assessment includes:

Shows risk management buy-in from the top, resulting in acceptance of risk management activities at all levels.

Senior managers and directors tend to be more focused on risks external to the organization.

Limited awareness of internal operational risks or interdependencies of risks within the business

New risks emerging from the operational activities of the organization might not be fully identified.

Danger that the approach becomes too superficial, because senior managers believe they can manage crises.

Advantages of top-down risk assessment includes:

Since it originates from the top, there is likely to be consistent methodology throughout the organization.

Senior managers and directors tend to be more focused on risks external to the organization.

Danger that the approach becomes too superficial, because senior managers believe they can manage crises.

Limited awareness of internal operational risks or interdependencies of risks within the business

New risks emerging from the operational activities of the organization might not be fully identified.

Which of the following is a reputational benefit of ERM?

Accurate financial risk reporting

Reduced cost of funding and capital

Increased profitability for organization

Which of the following is a financial benefit of ERM?

Accurate financial risk reporting

Improved supplier and staff morale

Improved perception of organization

Which of the following is a financial benefit of ERM?

Increased profitability for organization

Improved perception of organization

Improved supplier and staff morale

Which of the following is a financial benefit of ERM?

Reduced cost of funding and capital

Improved supplier and staff morale

Improved perception of organization

In particular, when evaluating the infrastructure component of the internal context, the following issue should be addressed:

arrangements for service delivery and/or transportation and reliable communication infrastructure

availability of adequate funds and future flows of funds to fulfil strategic plans

availability of funds to meet historical and anticipated future liabilities

nature of internal financial control environment to prevent fraud

existence of robust procedures for correct allocation of funds for investment

In particular, when evaluating the infrastructure component of the internal context, the following issue should be addressed:

business continuity plans in place to ensure continuity of activities following major disruption

availability of adequate funds and future flows of funds to fulfil strategic plans

availability of funds to meet historical and anticipated future liabilities

nature of internal financial control environment to prevent fraud

existence of robust procedures for correct allocation of funds for investment

In particular, when evaluating the infrastructure component of the internal context, the following issue should be addressed:

information technology infrastructure sufficient to achieve resilience and protect data

availability of adequate funds and future flows of funds to fulfil strategic plans

nature of internal financial control environment to prevent fraud

availability of funds to meet historical and anticipated future liabilities

existence of robust procedures for correct allocation of funds for investment

In particular, when evaluating the infrastructure component of the internal context, the following issue should be addressed:

availability of adequate physical assets to support operational activities

availability of adequate funds and future flows of funds to fulfil strategic plans

nature of internal financial control environment to prevent fraud

availability of funds to meet historical and anticipated future liabilities

existence of robust procedures for correct allocation of funds for investment

Advantages of insurance includes:

Provides indemnity against an expected loss

Difficulties can arise in quantifying the financial costs associated with the loss

Delays are often experienced in settling an insurance claim

Difficulty in determining the amount of insurance to purchase may result in under-insurance and failure to have claims paid in full

Disputes regarding the extent of the cover and the exact terms and conditions of the insurance contract

In particular, when evaluating the infrastructure component of the internal context, the following issue should be addressed:

availability of adequate people resources and skills, including intellectual property

availability of adequate funds and future flows of funds to fulfil strategic plans

nature of internal financial control environment to prevent fraud

availability of funds to meet historical and anticipated future liabilities

existence of robust procedures for correct allocation of funds for investment

In particular, when evaluating the infrastructure component of the internal context, the following issue should be addressed:

senior management structure and the nature of the risk culture

availability of adequate funds and future flows of funds to fulfil strategic plans

nature of internal financial control environment to prevent fraud

existence of robust procedures for correct allocation of funds for investment

availability of funds to meet historical and anticipated future liabilities

In particular, when evaluating the financial component of the internal context, the following issue should be addressed:

availability of funds to meet historical and anticipated future liabilities

information technology infrastructure suf cient to achieve resilience and protect data

arrangements for service delivery and/or transportation and reliable communi- cation infrastructure

business continuity plans in place to ensure continuity of activities following major disruption

Advantages of insurance includes:

Reduces financial uncertainty regarding hazard events that may occur

Disputes regarding the extent of the cover and the exact terms and conditions of the insurance contract

Difficulty in determining the amount of insurance to purchase may result in under-insurance and failure to have claims paid in full

Delays are often experienced in settling an insurance claim

Difficulties can arise in quantifying the financial costs associated with the loss

Advantages of insurance includes:

Economic benefit if the loss is greater than the insurance premium

Delays are often experienced in settling an insurance claim

Difficulty in determining the amount of insurance to purchase may result in under-insurance and failure to have claims paid in full

Disputes regarding the extent of the cover and the exact terms and conditions of the insurance contract

Difficulties can arise in quantifying the financial costs associated with the loss

треш

Quiz

•

History

•

1st - 5th Grade

•

Practice Problem

•

Medium

Jale Himbatliii

Used 1+ times

FREE Resource

73 questions

Show all answers

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Detective controls

Enhanced maintenance procedures and improved arrangements for drivers to report vehicle defects

Review of vehicle routing and realistic estimates on delivery schedules so that drivers do not need to drive dangerously to arrive on time

Routine review of drivers’ licences to check for penalty points, routine inspections of vehicles to discover and report damage, review of fuel consumption to identify drivers with an aggressive driving style

Defensive driver training and the provision of a vehicle driver handbook with practical advice that is easy to understand and follow

None of them

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Directive controls

Defensive driver training and the provision of a vehicle driver handbook with practical advice that is easy to understand and follow

Review of vehicle routing and realistic estimates on delivery schedules so that drivers do not need to drive dangerously to arrive on time

None of them

Enhanced maintenance procedures and improved arrangements for drivers to report vehicle defects

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Corrective controls

None of them

Review of vehicle routing and realistic estimates on delivery schedules so that drivers do not need to drive dangerously to arrive on time

Defensive driver training and the provision of a vehicle driver handbook with practical advice that is easy to understand and follow

Enhanced maintenance procedures and improved arrangements for drivers to report vehicle defects

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Preventive controls

Defensive driver training and the provision of a vehicle driver handbook with practical advice that is easy to understand and follow

Enhanced maintenance procedures and improved arrangements for drivers to report vehicle defects

None of them

Review of vehicle routing and realistic estimates on delivery schedules so that drivers do not need to drive dangerously to arrive on time

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Routine review of drivers’ licences to check for penalty points, routine inspections of vehicles to discover and report damage, review of fuel consumption to identify drivers with an aggressive driving style is an example of ___________ .

Corrective controls

Detective controls

Directive controls

None of them

Preventive controls

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Defensive driver training and the provision of a vehicle driver handbook with practical advice that is easy to understand and follow is an example of __________

Preventive controls

None of them

Detective controls

Directive controls

Corrective controls

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Enhanced maintenance procedures and improved arrangements for drivers to report vehicle defects is an example of ________ .

Preventive controls

None of them

Detective controls

Corrective controls

Directive controls

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треш

73 questions

Detective controls

Directive controls

Corrective controls

Preventive controls

Routine review of drivers’ licences to check for penalty points, routine inspections of vehicles to discover and report damage, review of fuel consumption to identify drivers with an aggressive driving style is an example of ___________ .

Defensive driver training and the provision of a vehicle driver handbook with practical advice that is easy to understand and follow is an example of __________

Enhanced maintenance procedures and improved arrangements for drivers to report vehicle defects is an example of ________ .

Review of vehicle routing and realistic estimates on delivery schedules so that drivers do not need to drive dangerously to arrive on time is an example of ____________ .

__________ hazard These controls are designed to identify occasions when undesirable outcomes have been realized.

_________ controls are designed to ensure that a particular outcome is achieved.

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Popular Resources on Wayground

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