Explore the 'Three Lines of Defense' in risk management with this SAPA Conference Day 1 quiz. It assesses understanding of risk ownership, oversight, and independent assurance, crucial for operational management and compliance functions.
I, II and IV
I, II and III
I, IV, and V
I, III, IV
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Because in the real world, a single line of defense is inadequate
To monitor the first line-of-defense control
To ensure that the first line of defense is properly designed, in place and operating as intended
All of the above
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Providing risk management frameworks
Providing the governing body and senior management with comprehensive assurance
Monitoring the adequacy and effectiveness of internal controls.
Facilitating and monitoring implementation of effective risk management practices
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Because the first and second line are not to be trusted
To ensure that the auditors have a job in the organization
Because the high level of independence is not available in the second line of defense
To assist management in developing processes and controls to management risks
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