Short Trivia Quiz On Organizational Strategy!

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| By Markg23

Markg23

Community Contributor

Quizzes Created: 10 | Total Attempts: 2,821

Questions: 5 | Attempts: 128 | Updated: Mar 21, 2023

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Questions and Answers

1.

There are two levels of risk assessment, which are those: i. Strategic Risk Assessment ii. Political Risk Assessment iii. Child Well-Being Risk Assessment iv. Process Risk Assessment
- A.
  
  I and iii
- B.
  
  I, iii and iv
- C.
  
  I and iv
- D.
  
  Iii and iv
Correct Answer
C. I and iv

Explanation
The correct answer is i and iv. The question asks for the two levels of risk assessment, and the options provided are i, ii, iii, and iv. Among these options, only i (Strategic Risk Assessment) and iv (Process Risk Assessment) are mentioned as the levels of risk assessment. Therefore, the correct answer is i and iv.

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2.

What is not correct regarding the risk statement?
- A.
  
  It’s a reverse of the objective
- B.
  
  Risk should identify the impacts
- C.
  
  Risk is not about ineffective controls
Correct Answer
A. It’s a reverse of the objective

Explanation
The statement "It's a reverse of the objective" is not correct regarding the risk statement. A risk statement should not be the opposite or reverse of the objective, as it should clearly identify the potential risks or uncertainties associated with achieving the objective. The risk statement should outline the potential negative impacts or consequences that may arise if the risk is not effectively managed or mitigated.

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3.

What is false about Organizational Strategy?
- A.
  
  Strategies should be align with the Organization's mission & vision
- B.
  
  Strategies are the basis of restructuring, reorganization and creation of departments and functions
- C.
  
  Organizational Strategies are formulated by the process owners
Correct Answer
C. Organizational Strategies are formulated by the process owners

Explanation
The false statement in this question is "Organizational Strategies are formulated by the process owners." In reality, organizational strategies are not formulated solely by process owners. They are typically developed by top-level management, in collaboration with various stakeholders, and are based on the organization's mission, vision, and goals. Process owners may contribute to the formulation of strategies, but they are not solely responsible for it.

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4.

To enable internal audit to focus on the critical risks to the organization, the organization’s department and units should be a foundational element when developing a risk-based audit plan. This will align the internal audits with the organization’s strategic priorities and help ensure its resources are allocated to the areas of significant importance. Practice Advisory 2120-03 The above statement is :
- A.
  
  True
- B.
  
  False
Correct Answer
B. False

Explanation
The statement is false. According to Practice Advisory 2120-03, to enable internal audit to focus on critical risks, the organization's objectives and risks should be a foundational element when developing a risk-based audit plan. The department and units are not specifically mentioned as a foundational element in the advisory.

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5.

______________ is an approach of identifying the likely source of strategic risk from the different processes established by the organization during strategic audit planning.
- A.
  
  Risk searching
- B.
  
  Risk sourcing
- C.
  
  Risk mapping
- D.
  
  Risk register
Correct Answer
B. Risk sourcing

Explanation
Risk sourcing is an approach that involves identifying the likely source of strategic risk from the different processes established by the organization during strategic audit planning. This means that the organization examines its various processes and activities to determine where potential risks may arise. By understanding the source of these risks, the organization can better assess and manage them, ultimately reducing the likelihood of negative outcomes.

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Current Version
Mar 21, 2023

Quiz Edited by
ProProfs Editorial Team
Jun 25, 2013

Quiz Created by
Markg23

Short Trivia Quiz On Organizational Strategy!

There are two levels of risk assessment, which are those: i. Strategic Risk Assessment ii. Political Risk Assessment iii. Child Well-Being Risk Assessment iv. Process Risk Assessment

What is not correct regarding the risk statement?

What is false about Organizational Strategy?

______________ is an approach of identifying the likely source of strategic risk from the different processes established by the organization during strategic audit planning.