Question

In: Operations Management

1. What is the most true regarding the chief risk officer (CRO) position? A. Most organizations...

1. What is the most true regarding the chief risk officer (CRO) position?

A. Most organizations have a CRO.

B. The CRO position is not very common as it can be absorbed easily in an organization.

C. If there is not a designated CRO, the duties still exist.

D. The CRO only handles hazard risks.

10. The group in an organization that is tasked with establishing effective internal controls to monitor risk is...

A. Management.

B. Board of directors.

C. Employees/line workers.

D. External auditors.

1. Financial and nonfinancial metrics used in risk management reporting are used to both define and measure any acquired losses. This metric is...

A. Worst case scenario.

B. Key risk indicators.

C. Retained losses.

D. Scorecard and progress reports.

What is the right ansewrs for those Qs

Solutions

Expert Solution

Answers:

Part 1:

Question: 1. what is the most true regarding the chief risk officer (CRO) position?

Answer: (C): If there is not a designated CRO, the duties still exist.

Explanation:

Risks are involved in every business , be it risk of a failed project , risk of violating rules, risk of bankruptcy
But some business requires a position of CRO, because the extent of risk involved is higher. Ex: banks, insurance company etc. Some of the key factors that determine a organisation will require a CRO or not are:
- The level of regulations in the industry.
- Do other players in the industry have CRO.
- Do the investments require extensive risk analysis etc.
So the organisations which require CRO, have the position of CRO. But the organisations do not having CRO also requires a basic level of risk analysis which is generally done by management.
So the answer is C.

?Part: 2:

Question: 10. The group in an organization that is tasked with establishing effective internal controls to monitor risk is...

Answer: (B): Board of directors.

Explanation:

Board of directors is the body which is responsible for the governance in the organisation.
This includes developing mission, vision.
Forming core values, disciplinary guidelines.
So basically Board of directors provide the overall guidelines which are further followed by management for running operations of the organisation.
Therefore these guidelines are responsible for effective internal control to monitor risks. And hence Board of directors are responsible.
So the Answer is B

Part: 3:

Question: 1. Financial and nonfinancial metrics used in risk management reporting are used to both define and measure any acquired losses. This metric is...

Answer: (B): Key risk indicators

Explanation:

Key risks indicators are used in Risk management to basically monitoring and mitigating risk.
They are used to define , measure and predict the risks and acquired losses.me
So the Answer is B.

keosha answered 1 year ago

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