Combined Assurance through Compliance, Enterprise Risk Management & Financial Analysis Test Welcome to your e-assessment. Number of Questions: 10 Time Allowed: 8 minutes. You are allowed only one (1) attempt. By clicking Start, you consent to your personal information being processed in line with DataPro’s Privacy Policy. Name Email Organisation The ultimate accountability for risk management lies with: Internal Audit Compliance Officer Board of Directors Risk Committee None In a Combined Assurance model, who typically provides the 'first line of defence'? Internal Audit Risk and Compliance functions Operational Management The Board of Directors None The key purpose of assurance mapping is to: Eliminate all types of risk Document overlapping assurance activities Identify assurance gaps and duplications Benchmark external auditors None The third line of defence provides: Operational oversight Independent assurance on risk and control effectiveness Customer due diligence Risk appetite setting None Compliance risk primarily arises from: Poor financial reporting Violation of laws, regulations, or internal policies Low market share Weak IT controls None In ERM, risk appetite defines: The amount of loss an organization can tolerate The total number of identified risks Management’s willingness to avoid risk entirely External stakeholder expectations None Risk heat maps help management to: Identify risk categories visually by impact and likelihood Eliminate all inherent risks Benchmark against competitors Replace compliance policies None Which of the following best describes Enterprise Risk Management (ERM)? A control checklist for compliance departments A siloed process for identifying internal audit issues A holistic framework for identifying, assessing, and managing risks across the enterprise A financial reporting tool None Financial analysis in assurance focuses on: Evaluating personal expenses Assessing financial health and detecting anomalies Predicting employee behavior Determining HR costs None The second line of defence typically includes: Board committees Management and supervisory controls Risk management and compliance functions External auditors None 1 out of 10 Ronalds Esealuka2025-10-29T11:14:59+01:00 FacebookXLinkedInPinterest
