Short Trivia Quiz On Organizational Strategy!

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

I and iii

I, iii and iv

I and iv

Iii and iv

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.

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.

2. What is false about Organizational Strategy?

Strategies should be align with the Organization's mission & vision

Strategies are the basis of restructuring, reorganization and creation of departments and functions

Organizational Strategies are formulated by the process owners

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.

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.

3. What is not correct regarding the risk statement?

It’s a reverse of the objective

Risk should identify the impacts

Risk is not about ineffective controls

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.

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.

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

Risk searching

Risk sourcing

Risk mapping

Risk register

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.

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.

5. 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 :

True

False

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.

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.