Gts Risk Awareness Quiz
Questions and Answers
- 1.
The Risk Partnership Model philosophy is built upon the key concept that risk management in GTS is owned by......
- A.
GTS Exco
- B.
The Functional Area Heads
- C.
GTS Risk & Finance
- D.
All GTS Employees
Correct Answer
D. All GTS EmployeesExplanation
The correct answer is All GTS Employees. This means that the philosophy of the Risk Partnership Model in GTS is based on the belief that all employees in GTS are responsible for risk management. It is not limited to a specific group or individuals such as the GTS Exco, Functional Area Heads, or GTS Risk & Finance. This approach emphasizes the importance of a collective effort in managing and mitigating risks within the organization.Rate this question:
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- 2.
Risk can be defined as the direct or indirect loss resulting from inadequate or failed processes, people, systems & external factors...
- A.
True
- B.
False
Correct Answer
A. TrueExplanation
The given statement is true. Risk can be defined as the direct or indirect loss resulting from inadequate or failed processes, people, systems, and external factors. This means that when processes, people, systems, or external factors are not sufficient or fail to meet expectations, there is a potential for loss or harm. Therefore, risk exists when there is a possibility of negative consequences due to these factors.Rate this question:
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- 3.
Power outages, power surges & fraudulent activities by syndicates cause failure in which operational risk driver...
- A.
Processes
- B.
People
- C.
Systems
- D.
External Factors
Correct Answer
D. External FactorsExplanation
External factors such as power outages, power surges, and fraudulent activities by syndicates can cause failure in operational risk drivers. These factors are beyond the control of the organization and can disrupt processes, affect the performance of people, and cause system failures. Therefore, external factors are the correct answer as they can significantly impact the operational risk of an organization.Rate this question:
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- 4.
All GTS employees form the 1st line of defence and need to..... (There may be more than one correct answer, you should tick all correct answers)
- A.
Adhere to all GTS policies & procedures
- B.
Adhere to all GTS systems security requirements
- C.
Have a strong oversight of risk across GTS, such as operating loss tracking
- D.
Be proactive in their end-to-end responsibilities, ensuring the early identification of risk issues
- E.
All of the above
Correct Answer(s)
A. Adhere to all GTS policies & procedures
B. Adhere to all GTS systems security requirements
D. Be proactive in their end-to-end responsibilities, ensuring the early identification of risk issuesExplanation
The correct answer is "Adhere to all GTS policies & procedures, Adhere to all GTS systems security requirements, Be proactive in their end-to-end responsibilities, ensuring the early identification of risk issues". This answer is correct because it encompasses all the responsibilities that employees in the 1st line of defense should have. They need to follow all policies and procedures, adhere to security requirements, and be proactive in identifying and mitigating risk issues.Rate this question:
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- 5.
A risk event occurs........
- A.
Each time one or more of the resources (people, process or systems) allocated is inadequate to the task being performed
- B.
When people, processes, or systems have failed or are insufficient either in quantity or quality
- C.
A & B
Correct Answer
C. A & BExplanation
The correct answer is A & B. This is because a risk event occurs when one or more of the allocated resources (people, process, or systems) are inadequate to the task being performed. It can also occur when these resources have failed or are insufficient in terms of quantity or quality. Both statements A and B describe different aspects of the same situation, indicating that both are correct explanations for the occurrence of a risk event.Rate this question:
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- 6.
The risk minimum standards describe the minimum levels of control required within GTS during a transaction life cycle......
- A.
True
- B.
False
Correct Answer
A. TrueExplanation
The risk minimum standards provide guidelines for maintaining control within GTS during a transaction life cycle. This suggests that there are specific control measures that must be implemented to mitigate risk and ensure the smooth execution of transactions. Therefore, the statement is true.Rate this question:
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- 7.
How do you manage risk? By being a_______ble for the actions you take (Please fill in the full word NOT only the missing letters)
Correct Answer
accountableExplanation
Being accountable means taking responsibility for the actions you take. In the context of managing risk, being accountable involves acknowledging and owning up to the potential consequences of your decisions and actions. It means being aware of the risks involved, making informed choices, and being prepared to face the outcomes, whether positive or negative. By being accountable, individuals or organizations can effectively assess, mitigate, and address risks, ultimately leading to better risk management practices.Rate this question:
- 8.
How do you manage risk? By ensuring you are familiar with all the GTS p______s & p________s (Please fill in the full 2 words NOT only the missing letters with a space inbetween the words eg. car bike)
Correct Answer
policies procedures
procedures policiesExplanation
Managing risk involves being familiar with and adhering to the policies and procedures in place. This ensures that the necessary guidelines and protocols are followed to minimize potential risks and ensure a safe and secure environment. The correct answer emphasizes the importance of both policies and procedures in effectively managing risk.Rate this question:
- 9.
How do you manage risk? Ensuring that your solutions are long term & s_______ble (Please fill in the full word NOT only the missing letters)
Correct Answer
sustainableExplanation
The correct answer is "sustainable". Managing risk involves ensuring that the solutions implemented are able to be maintained and supported in the long term. By choosing sustainable solutions, organizations can minimize potential risks and ensure the continued success of their operations.Rate this question:
- 10.
When managing risk, Functional Area Heads are individually accountable for risk exposure in their respective areas with GTS Risk & Finance being solely responsible for managing risk across the Bank, CIB & GTS.......
- A.
True
- B.
False
Correct Answer
B. FalseExplanation
Functional Area Heads are individually accountable for risk exposure in their respective areas, but GTS Risk & Finance is not solely responsible for managing risk across the Bank, CIB & GTS. This means that there are other departments or individuals who share the responsibility of managing risk in these areas. Therefore, the statement is false.Rate this question:
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- 11.
Every employee in GTS has a responsibility to identify & report a risk event.....
- A.
Before they happen
- B.
As soon as they have happened
- C.
A & B
Correct Answer
C. A & BExplanation
Every employee in GTS has a responsibility to identify and report a risk event. This means that they should be proactive in identifying potential risks before they happen and also report any risk events as soon as they have happened. By doing so, employees can help prevent and mitigate risks, ensuring the safety and success of the organization.Rate this question:
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- 12.
You will find the GTS risk minimum standards on the.......
- A.
On Oracle
- B.
FirstRand website
- C.
GTS Portal
Correct Answer
C. GTS PortalExplanation
The GTS risk minimum standards can be found on the GTS Portal.Rate this question:
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- 13.
The potentional impacts of risk not being identified and effectively managed in a business are:
- A.
Financial Loss
- B.
Reputational Damage
- C.
Litigation
- D.
Service Delays
- E.
Ineffective Processes
- F.
Increased Administration
- G.
All of the above
Correct Answer
G. All of the aboveExplanation
The potential impacts of risk not being identified and effectively managed in a business can include financial loss, reputational damage, litigation, service delays, ineffective processes, and increased administration. These consequences can arise from various factors such as unforeseen events, poor decision-making, lack of risk assessment, or inadequate risk mitigation strategies. Failing to address and manage risks can lead to significant negative outcomes for a business, affecting its financial stability, reputation, customer satisfaction, operational efficiency, and overall success.Rate this question:
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- 14.
High rates of absenteeism, low morale, staff defalcations & blatant breeches of policy cause failure in which operational risk driver......
- A.
Processes
- B.
People
- C.
Systems
- D.
External Factors
Correct Answer
B. PeopleExplanation
The given answer is "People". This is because high rates of absenteeism, low morale, staff defalcations, and blatant breaches of policy are all related to the behavior and actions of individuals within an organization. These issues can be attributed to the attitudes, motivations, and actions of the employees, which ultimately affect the overall performance and success of the organization.Rate this question:
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- 15.
The CRO, Risk Managers & Risk Committees form the 2nd line of defence & need to.......
- A.
Drive continuous improvement by investing in systems, processes & people
- B.
Have a strong oversight of risk across GTS, such as operating loss tracking
- C.
A & B
Correct Answer
B. Have a strong oversight of risk across GTS, such as operating loss trackingExplanation
The CRO, Risk Managers, and Risk Committees form the 2nd line of defense and their role is to have a strong oversight of risk across GTS, such as operating loss tracking. This means they are responsible for monitoring and assessing the risks within the organization, including tracking any losses that may occur. By having a strong oversight, they can identify potential areas of concern and take appropriate actions to mitigate and manage those risks. This is an important aspect of driving continuous improvement and ensuring the overall risk management framework is effective.Rate this question:
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- 16.
How do you manage risk? Continuously i_____e & i_____te - always look for opportunities to improve processes & systems in order to reduce risk (Please fill in the full 2 words NOT only the missing letters with a space inbetween the words eg. car bike)
Correct Answer
improve innovate
innovate improveExplanation
The correct answer is "improve innovate, innovate improve". This answer suggests that in order to manage risk, one should continuously improve and innovate. By constantly looking for opportunities to improve processes and systems, one can reduce the potential risks associated with them. Additionally, by constantly innovating, new and more effective ways of managing risk can be developed. Overall, this answer emphasizes the importance of constantly striving for improvement and innovation in risk management practices.Rate this question:
- 17.
How do you manage risk? Knowledge sharing - always report r___ i_______s & learn from them (Please fill in the full 2 words NOT only the missing letters with a space inbetween the words eg. car bike)
Correct Answer
risk incidents
incidents riskExplanation
Managing risk involves the process of identifying, assessing, and mitigating potential risks. One way to effectively manage risk is through knowledge sharing. By reporting risk incidents and learning from them, individuals and organizations can gain valuable insights and information on how to prevent or minimize similar risks in the future. This allows for continuous improvement and the development of strategies to better manage and respond to risks.Rate this question:
- 18.
In terms of the Risk Partnership Model, all GTS employees are required to adhere to the ‘GTS Way’ in terms of operational risk which means we are able to...
- A.
Conduct open discussions
- B.
If necessary, voice constructive criticism
- C.
Say no if required
- D.
All of the above
Correct Answer
D. All of the aboveExplanation
The correct answer is "All of the above." In the Risk Partnership Model, GTS employees are expected to adhere to the "GTS Way" in terms of operational risk. This means that they should conduct open discussions, voice constructive criticism when necessary, and have the ability to say no if required.Rate this question:
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- 19.
GTS aims to eliminate all risk exposure by adopting a zero tolerance policy for any form of risk in the business...
- A.
True
- B.
False
Correct Answer
B. FalseExplanation
The statement is false because it states that GTS aims to eliminate all risk exposure by adopting a zero tolerance policy for any form of risk in the business. This is an unrealistic goal as it is impossible to completely eliminate all risk in any business. Every business inherently faces some level of risk, and it is more realistic for businesses to manage and mitigate risks rather than completely eliminate them.Rate this question:
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- 20.
Damaged hardware, outdated technology, workflow "bottlenecks" & a lack of effective standing operating procedures cause failure in which operational risk driver(s).... (There may be more than one correct answer, you should tick all correct answers)
- A.
Processes
- B.
People
- C.
Systems
- D.
External Factors
Correct Answer(s)
A. Processes
C. SystemsExplanation
Damaged hardware, outdated technology, workflow "bottlenecks," and a lack of effective standing operating procedures can cause failure in processes and systems. These issues can hinder the smooth flow of operations and create inefficiencies in the overall functioning of the organization.Rate this question:
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- 21.
FirstRand Bank Ltd, CIB & Group Internal Audit form the 3rd & final line of defence & need to......
- A.
Drive continuous improvement by investing in systems, processes & people
- B.
Have a comprehensive audit oversight
- C.
A & B
Correct Answer
B. Have a comprehensive audit oversightExplanation
The correct answer is "Have a comprehensive audit oversight". This means that FirstRand Bank Ltd, CIB, and Group Internal Audit need to ensure that they have a thorough and comprehensive oversight of the audit process. This includes monitoring and reviewing the audit activities, ensuring compliance with regulations and policies, and identifying areas for improvement. By having a comprehensive audit oversight, the organization can drive continuous improvement by identifying and addressing any weaknesses or gaps in their systems, processes, and people.Rate this question:
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- 22.
GTS employees are required to report both actual & potential risks to their Risk Managers as soon as they become aware of it......
- A.
True
- B.
False
Correct Answer
A. TrueExplanation
Employees at GTS are required to report both actual and potential risks to their Risk Managers as soon as they become aware of them. This means that if an employee identifies a risk or potential risk, they must inform their Risk Manager promptly. This is important for the organization to effectively manage and mitigate risks, ensuring the safety and well-being of the company and its employees.Rate this question:
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- 23.
What do the GTS risk minimum standards mean for you? As an employee of GTS you need to.....
- A.
Understand the contents of these standards
- B.
Apply these standards to your role & daily activities
- C.
Consider the requirements before proposing changes
- D.
All of the above
Correct Answer
D. All of the aboveExplanation
The GTS risk minimum standards require employees to understand the contents of these standards, apply them to their role and daily activities, and consider the requirements before proposing changes. Therefore, the correct answer is "All of the above."Rate this question:
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- 24.
What do you need to manage risk? Understand the entire _is_ p____ss (Please fill in the full 2 words NOT only the missing letters with a space inbetween the words eg. car bike)
Correct Answer
risk process
process riskExplanation
To manage risk, it is important to understand the entire risk process. This involves identifying potential risks, analyzing their potential impact, and developing strategies to mitigate or minimize those risks. By understanding the risk process, individuals and organizations can effectively manage and control risks, making informed decisions to protect themselves and their assets.Rate this question:
- 25.
What do you need to manage risk? Understand the i_____ you have on processes (Please fill in the full word NOT only the missing letters)
Correct Answer
impactExplanation
To effectively manage risk, it is crucial to understand the impact that risks have on processes. By identifying and assessing the potential impact of risks, organizations can develop strategies and implement measures to mitigate or minimize their negative consequences. This understanding helps in making informed decisions and taking appropriate actions to manage and control risks effectively.Rate this question:
- 26.
What do you need to manage risk? Constantly seek ways to i______ processes (Please fill in the full word NOT only the missing letters)
Correct Answer
improveExplanation
To manage risk, it is necessary to constantly seek ways to improve processes. By continuously looking for ways to enhance and refine processes, organizations can identify potential risks and implement measures to mitigate them. This proactive approach helps in minimizing the impact of risks and ensures better risk management overall.Rate this question:
- 27.
What do you need to manage risk? Familiarise yourself with the risk m______ s________ (Please fill in the full 2 words NOT only the missing letters with a space inbetween the words eg. car bike)
Correct Answer
minimum standards
standards minimumExplanation
To manage risk, you need to familiarize yourself with the minimum standards. This means understanding and implementing the basic guidelines and requirements that have been set to mitigate risks and ensure safety. By adhering to these minimum standards, you can effectively identify, assess, and control potential risks in various situations or environments. It is important to have a clear understanding of these standards to develop appropriate risk management strategies and protocols.Rate this question:
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Mar 16, 2023Quiz Edited by
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Sep 10, 2012Quiz Created by
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