4. Many organizations implement assurance layering strategies to mitigate the risks they face to acceptable levels. One such strategy is the Three Lines of Defense model. a. Describe the first and second lines of defense included in this model. b. Explain what distinguishes the third line of defense from the first two. c. Discuss how the three lines of defense are coordinated. d. Identify the external sources of assurance that organizations use to augment their internal lines of defense.

4. Many organizations implement assurance layering strategies to mitigate the risks they face to acceptable levels. One such strategy is the Three Lines of Defense model. a. Describe the first and second lines of defense included in this model. b. Explain what distinguishes the third line of defense from the first two. c. Discuss how the three lines of defense are coordinated. d. Identify the external sources of assurance that organizations use to augment their internal lines of defense.

Business/Professional Ethics Directors/Executives/Acct

8th Edition

ISBN:9781337485913

Author:BROOKS

Publisher:BROOKS

Chapter8: Subprime Lending Fiasco-ethics Issues

Section: Chapter Questions

Problem 3.18EC

See similar textbooks

Similar questions

Following is a list of internal controls. Select the COSO component that best matches each internal control. Internal control a. Implementation of policies to reduce risk of internal control failure. b. Reporting of internal control effectiveness to investors. c. Evaluation of internal control effectiveness by external auditors. d. Identification and management of risks. COSO Control activities Information & communication Monitoring Risk assessment Control environment Assessm
1. Identify any five threat each under self-interest and self-review threats to independent?Discuss the follow; 1. The threats 2. The standard (ISAs) explaining those threats 3. Risk associated with threats 4. Relevant safeguards to be applied when they occur.
a. What is Competitive Advantage b. What is Competitive Disadvantage c. What is Risk Management and why it is important in Information Assurance and Security d. Discuss briefly the components of Risk Management
1. What are objectives? What three categories of objectives are set forth in the COSO framework? 2. What does the control environment comprise? 3. What are control activities? What types of control activities are present in a well-designed system of internal controls? 4. When are monitoring activities most effective? Who performs monitoring activities? What distinguishes separate evaluations from ongoing monitoring activities? 5. How does internal auditors' perspective of internal control differ from management's perspective? 6. How does COSO define risk? How does ISO define risk? 7. What are the five COSO ERM components? 8. How does COSO define risk appetite? 9. What are some ERM assurance activities the internal audit function may perform? What are some ERM consulting activities the internal audit function may perform if appropriate safeguards are implemented? What ERM activities should the internal audit function not perform? 10. What are COSO's five categories of risk…
1. How does internal control impart on the achievement of organization’s goals? 2. Why risk management process is essential in addressing risks that the organization is facing? 3. Differentiate qualitative and quantitative assessment of risks.
Internal controls are perhaps the most important tools for managing operational risk. What are internal controls? Give three examples of internal controls and explain how each control is used to minimize operational risk.
one of the components of internal control is the control activities;which are the policies and procedures that help ensure that necessary actions are taken to address risks to the achievement of the entity objectives. what are the most important control activities (explain each of these control activities)?
1. Looking at the COSO framework for Enterprise Risk Management, you will notice that this is present all throughout the various functions and levels in an organization. This is to ensure that policies and procedures are followed in making risk responses and implementing company's directives. A. Control Activities B. Risk Assessment C. Monitoring Activities D. Risk Culture
Which option below accurately describes the process of continually assessing internal controls and transactions? Multiple Choice Continuous reporting. О Continuous monitoring. The homogenous systems approach. The heterogeneous systems approach.
Which of the following is not one of the components of COSO’s framework? A. Objective setting which includes setting the objectives and critical success factors B. Continuously monitoring the ERM process C. Risk Assessment to manage risk related to achieving corporate objectives D. Safeguarding assets to prevent or detect unauthorized acquisition, use or disposition E. Control Activities which include policies and procedures to assure that management’s control objectives are met
II. The following list presents various internal control strengths (S) or risks (R) that may be found
Risk management program should be intertwined with organizational strategy.