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  • 20 Marks

PBL – OCT 2022 – L3 – Q7 – Legal Mortgage over Leasehold Interest

Outline key considerations for taking a legal mortgage over leasehold property and steps to perfect it for a sole proprietorship loan.

Amoasi Enterprise is a sole proprietorship owned and controlled by John Amoasi. The business is engaged in the supply of chips and stones for building projects. John Amoasi has applied for a loan of GHC 500,000 for the purchase of a used tipper truck. He shows you an Indenture covering his Leasehold interest in a property located a Winneba valued GHC 1,000,000.00.

(a) What key consideration would you have in mind in taking a legal mortgage over a leasehold interest? [8 Marks]

(b) Outline the steps which you would take to acquire a legal mortgage over the property in such a manner that the bank’s interest is absolutely protected. [12 Marks]

[Total marks:20]

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  • 20 Marks

PBL – OCT 2022 – L3 – Q6 – Alternative Securities for Construction Loans and Lender Remedies

Identify alternative security for a construction loan where traditional assets are unsuitable, and outline steps to perfect it; list key remedies under the Borrowers and Lenders Act 2020 for borrower default.

(a) Your key customer BBA Construction Ltd. is engaged in a contract for the construction of a 200 kilometer road in the Central Region. He has completed over 60 % of the project and has certified works of GHC 800,000 to be paid. He is applying for working capital loan of GHC 500,000 to purchase materials for the project.

He has no security to offer save the assets of the company which comprise a one storey office building and the road construction equipment. Your managing director is not enthused about taking a fixed and floating charge over the assets of the company as they are subject to rapid wear and tear. The key person Mr. Aras also does not have any personal landed property to offer.

From the above, identify what alternative security may be available in the circumstances and how you would proceed to take the security to ensure that the bank’s interest is protected. [16 Marks]

(b) You have been asked to deliver a lecture on the remedies of a lender in the event of a borrower defaulting in the servicing of a facility. Mention the four key remedies provided under the Borrowers and Lenders Act (2020) Act 1052. [4 Marks]

[Total marks:20]

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  • 20 Marks

POB – LP OCT 2022 – L3 – Q4 – Collecting Bank Duties and Protections in Cheque Collection

A bank collects a stolen cheque for a fraudulent customer, opens an account after clearance, allows withdrawal, and faces a lawsuit from the drawer; questions cover definition of collecting bank, duties, statutory protections, common law defences, and applicability of protection.

As a new Manager at the Edubiase branch of your bank, in the course of your work, your branch has collected a cheque for the account of a customer who turned out not to be the true owner of the cheque. Your Operations Manager did not open the account straightaway but for reasons unknown to you, he told the customer Timothy Ankrah that the bank would not open the account immediately but would only open the account if the cheque of GHC 500,000 the prospective account holder presented was cleared. After the cheque had cleared, your Operations Manager proceeded to open the account and the very next day, Timothy withdrew an amount of GHC 400,000.00 which he claimed was for the purchase of a car.

It transpires that the cheque had been stolen and Timothy was only an impersonator. Timothy is nowhere to be found.

The drawer of the cheque Mr. Banson has sued the bank for refund of the monies he has lost.

(a) What is a collecting bank? [2 Marks]

(b) Mention three duties of a collecting bank. [3 Marks]

(c) Mention and explain the statutory protection available to a collecting bank that collects a cheque for a party who is not the true owner of the cheque? [9 Marks] (d) What are the common law defences available to a collecting bank? [4 Marks]

(e) Will the bank be able to avail itself of the statutory protection? [2 Marks]

[Total marks:20]

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  • 20 Marks

PBL – OCT 2022 – L3 – Q3 – Company Objects Amendment and Cheque Handling Policies

Legal principles for advising on amending company objects for new business ventures and handling a cheque payable to a related company for crediting to a personal account.

State the legal principles you would take into consideration in resolving the following legal matters that have come to your attention.

(a) Mr. Nkumsah is majority shareholder and Chairman of the Board of Directors of Nkumsah Trading Ltd, which has an account with you for the past twenty years. The company issued debentures secured by a floating charge over the company’s assets three years ago. Mr. Nkumsah has 60% shares in the company and is also the sole signatory of the account. Nkumsah Trading Ltd. was established with a registered constitution with the objects of importing medical equipment and ancillary materials. He has applied for a loan of GHC 400,000 for the importation of baby pampers as he claims baby pampers move faster than medical equipment. In appraising the facility, your attention is drawn to the fact that since the company has incorporated with registered objects the company must amend the constitution to enable the company to undertake the new venture. In your discussion with him he asks you of advice of how he could amend the objects of the company’s constitution to enable him to enter into the new venture. He also asks you

what legal difficulties may arise if he engaged in business outside the established objects of the company. [10 Marks]

(b) Secondly Mr. Nkumsah has a cheque payable to a sister company Jamsah Ltd., in which he has shareholding of 50%. His lifelong friend owns the remaining 50%. You advise him that it is a company policy not to credit a cheque payable to a company into a personal account of a director or employee of that company. He argues with you and tells you that since he is the one of the key shareholders he has the right to do so as it is an internal arrangement for him to undertake a specified transaction for the company. [10 Marks]

[Total marks: 20]

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  • 20 Marks

PBL – OCT 2022 – L3 – Q2 – Banker-Customer Confidentiality and Law Enforcement Demands

Scenario involving police demanding customer account information; identify duty of confidentiality, its exceptions, and how to handle the situation.

You enter your office as Retail Manager this morning to find commotion at the front desk of your branch. As you enter you see three persons in police uniforms claiming to be from the National Investigations Bureau (NIB). They claim they have got wind that one Mr. Mahama Obeng who is under investigation for drug trafficking has an account with your branch where he has lodged his ill-gotten gains. They are demanding that your Operations Manager produce the information immediately or he would be hauled to the NIB for impeding an investigation.

(a) What rule of law do you require to resolve this problem? [2 Marks]

(b) Discuss the four (4) exceptions to the duty a bank owes its customers identified in (a) [8 Marks]
(c) How would you deal with the situation that is before you?[10 Marks]

[Total marks: 20]

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  • 20 Marks

ITF – OCT 2022 – L3 – Q8 – Remedies to Fraud in International Contracts

State five remedies to fraud in international contracts based on a copper blister fraud case.

During the summer of 2020, Geneva-based Mercuria Energy Group said it had been the victim of cargo fraud following its purchase of 10,000 tons of copper blister. When the cargoes started arriving in China, it found containers full of painted stones instead. The bizarre case happened despite security and inspection controls. About 6,000 tons were loaded for shipment in more than 300 containers on eight vessels. But before its journey from a port near Istanbul, the copper was switched with paving stones, spray-painted to resemble the semi-refined metal. Once the vessels were at sea, Mercuria paid $36m over five installments. The fraud wasn’t discovered until the ships began arriving in the Chinese port of Lianyungang. Mercuria, one of the five-biggest energy traders in the world, is seeking redress in Turkish and UK courts against the copper supplier, Bietsan Bakir. Turkish police have taken a number of people into custody in relation to the fake copper scheme. “Suspects have been taken under custody who are thought to be involved in the various parts of this organised crime against Mercuria,” the company said in a statement while thanking the Istanbul Financial Crimes Department.

Note: All parties in all commercial transactions should be aware of the potential for fraud. In some cases, those parties you negotiate with may not even be aware of the liability they pose. The above fraud case gained global attention through social media on March 9, 2021.

REQUIRED

State five (5) remedies to fraud in international contracts.

[Total Marks 20]

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  • 20 Marks

ITF – OCT 2022 – L3 – Q7 – Role of Banks in International Trade

List the roles of banks in international trade in bullet points for SMEs under AfCFTA.

The African Continental Free Trade Area (AfCFTA) is organizing training programs to grow the Small and Medium-sized Enterprises (SMEs) and most importantly to deepen their understanding on international trade and how they can take advantage of the banking system for efficient operation and expansion of their businesses. As Head of Trade Finance of your bank, you have been engaged as a resource person by (AfCFTA) to take Chief Operating Officers of these SMEs on the following topic: “The Role of Banks in International Trade”

REQUIRED:

List these roles (in bullet points only) under the various roles for one mark each.

Note: Long and detailed descriptions are not required.

[Total marks 20]

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  • 20 Marks

ITF – OCT 2022 – L3 – Q6 – Issuing Bank’s Undertaking under UCP 600 Article 7

State the issuing bank's undertaking as per UCP 600 Article 7 a (i-v), b, and c.

State the “Issuing Bank’s Undertaking” as enshrined in Article 7 a (i – v), b and c when it issues a credit on behalf of its customer under the current International Chamber of Commerce (ICC) Publication in respect of Uniform Customs and Practice for Documentary Credit – UCP 600.

[Total Marks 20]

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  • 20 Marks

ITF – OCT 2022 – L3 – Q5 – D/A Collections and Buyer Protection

Explain D/A terms, expected instructions on collection order, address suggestion on refusing non-spec goods, and ways for drawee protection in D/A collections.

Mr. Bob Ferguson, senior director of your customer, Adelaide Ltd is negotiating for the first time with suppliers abroad to purchase some outwear garments, which are at present unobtainable in the UK. The terms of payment which the sellers have suggested are a 90 days’ sight draft D/A with presentation through a UK bank. You understand that the presentation will be subject to Uniform Rules for Collections (and the shipping terms are to be CFR UK port). Your customer believes that he will have the opportunity of examining the goods when they are received in the UK and that, if they are not in accordance with specification, he can refuse the goods and will not be liable to pay the sellers, since all charges will be against the goods.

Required

a) Write brief notes on the terms of payment mentioned above; [4 marks]

b) Indicate the instructions you would expect to see on the collection order; [8 marks]

c) What would say to the suggestion by Mr. Bob Ferguson that, if goods were not in accordance with specification, the company could refuse to take up and pay for them? [6 marks]

d) How can the drawee obtain a measure of protection with D/A collections? [2 marks] [Total Marks 20]

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  • 20 Marks

ITF – OCT 2022 – L3 – Q4 – Back-to-Back Credits for Import Financing and Cash Flow

Describe back-to-back credits to protect the customer and assist cash flow, assess appropriateness for German supplier in Euros, and suggest a compromise for compliance.

Builders Merchants Ltd, customers of your bank, supply the building construction industry with a wide range of building materials and products. Their Financial Director, Mr. Kwame Annoh, calls to see you to discuss a CIF contract, which has been signed, to supply a range of fittings and building materials to an overseas buyer. During the conversation you discover that all the goods will be bought from overseas and that all the suppliers are insisting upon secured methods of payment. The Financial Director asks you to suggest a method by which his company can be fully protected, since cash flow considerations are causing some concerns at the present time. The overseas CIF contract is expressed in sterling but one supplier based in Germany, is insisting upon being paid in Euros.

Required

a) A brief description of basic instrument which would be appropriate in answering the needs of the Builders Merchants Ltd. Indicate why your suggestion will cater for your customer by assisting them to overcome their cash flow difficulties and why it will also give some comfort to their potential suppliers. [12 marks]

b) State briefly whether the method described by you in (a) is or is not, appropriate to the contract with the German supplier. Give reasons for your answer. [2 marks]

c) A compromise that you would consider arranging for Builders Merchants Ltd. which would assist them in complying with the request of the German supplier, bearing in mind that the German company requires security of payment.

[6 marks] [Total Marks 20]

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  • 20 Marks

EIB – OCT 2022 – L1 – Q1 – Needs, Wants, and Economic Systems

Basic concepts of needs, wants, necessities, luxuries, price factors, and economic systems.

(a) In Economics, needs and wants of man are collectively termed what? (4 marks)

(b) Name any four main needs of man. (4 marks)

(c) Distinguish between necessity and luxury. (4 marks)

(d) Name the ONE main factor which determines price. (4 marks)

(e) Define the term economic system. (4 marks) (Total: 20 marks)

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  • 20 Marks

CML – OCT 2022 – L3 – Q6 – Credit Appraisal

Define Credit Appraisal and discuss five key principles underlying its process.

(a) What is Credit Appraisal and what is its primary objective? [5 Marks]

(b) Enumerate and discuss the five (5) key principles underlying credit appraisal. [15 Marks]

[Total: 20 marks]

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  • 20 Marks

CML – OCT 2022 – L3 – Q5 – Credit Portfolio Management

Define Credit Portfolio Management and identify five key principles or procedures for its effective management.

(a) What is Credit Portfolio Management? [5 Marks]

(b) Identify five (5) key principles and/or procedures for the management of Credit Portfolio Management? [15 Marks]

[Total: 20 Marks]

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  • 20 Marks

CML – OCT 2022 – L3 – Q4 – Loan Consolidation for James Addington

Evaluate a three-year loan request of GHC 80,000 and loan consolidation for James Addington, a retiring civil servant with existing debts and high expenses.

James Addington has been your customer for the past forty years, and is due for retirement in the next three years. He has applied for a short term loan of three years to enable him to roof his building and internal fittings and painting of the house. He estimates that it would cost him GHC 80,000,00. He is currently residing in rented accommodation for which he is paying a monthly rent of GHC 1,500,00 per month. He is the Principal Director of the Ministry of Agriculture and earns a net monthly salary of GHC 12,000,00.

He has operated a satisfactory account until in recent times when his revolving overdraft of GHC 5,000,00 has been drawn to the hilt. His retirement home is a four bedroom storey building located close to Aburi. In addition to the revolving overdraft he has a car loan balance of GHC 18,000 with six months to pay. He is already in arrears of two monthly instalments. The monthly instalment on the car loan amounts to GHC 3,000,00.

You notice the following outgoings on his account with you:

Standing order to Hire Purchase Company 500,00

Electricity Bill 350,00

Water Bill 200,00

Life Insurance 300,00

Health Insurance 200,00

The following information is also gleaned from his personal loan application form

Petrol expenses 1,000,00

Housekeeping expenses 1,000,00 per week

You have observed that he uses two different cars, a Mercedez Benz, which your bank financed and an Opel cadet Car, which he indicates to you is ten years old. He has been a source of good business introductions to you and so you really wish to assist him. He has offered to support the application with a security over his share certificate in an unlisted company, Bonreve Ltd., a manufacturer of cocoa beverages. The shares have a nominal value of GHC 5.00 per share and he holds four thousand of the shares.

James is married and has seven children who are all still in school. The first three are in the university and he pays school fees of GHC 5.000.00 per semester for each of them.

The next three are in senior high school and he pays GHC 1.000.00 per semester for each of them.

The last child is in Junior High School and he pays school fees of GHC 1.500.00 per term.

He is pleading with you to consolidate all his outstanding loans with you as well as the facility owed the hire purchase company.

How would you respond to his proposition?

[20 Marks]

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  • 20 Marks

CML – OCT 2022 – L3 – Q3 – Loan for Property Purchase and Renovation

Critically examine a five-year GHC 7.3 million loan request from Bolombo Property Investors Ltd for purchasing and renovating a ten-storey property in Takoradi, with the building as security and directors' guarantees.

Bolombo Property Investors Ltd. is a property investment company that is involved in the renting of commercial property to various commercial interests throughout the country. Their modus operandi is to purchase existing property, renovate them and rent them out, or to develop property from the scratch and rent them out. Occasionally they sell out property to improve their cash flows. Bolombo Property Investors Ltd. is a company owned by Mr. Joshua Broson, aged 62 and his wife Mabel, aged, 52 holding 60 % and 40 % shares respectively. The couple have been wedded for the past five years and have three children of school going age. Management roles in the company are shared between the couple who are both qualified Civil Engineers by profession. Joshua serves as the CEO whilst his wife serves as General Manager and Accountant. To support them they have employed an accounts clerk Kwesi Mendson, aged 35 who has a diploma in accounting from the University of Ghana, Legion. Bolombo Property Investors has five properties in Accora, one in Takoradi and three in Kumasi. The company has identified a ten-storey property in Takoradi that has been put on sale by an expatriate Property Developer who is leaving the country. The price on offer is GHC 5.000.000.00. They think they can quickly renovate the property andThe unit is in a poor state of repair but Bolomb is believes it could fetch a good price if properly renovated. The building is located in the heart of the city and along the main high street of the city.

Bolombb’s plan is to rent the ground floor to a bank or savings and loans company, and the units in in the upper floor to various types of businesses including supermarkets, restaurants and business oon. His estimates for the renovation are as follows:

Item Cost (GHC)
Rewiring and 750,400,000.00
Plumbing 850,000.00
Internal fittings 500,000.00
Alocobond panelling 500,000.00
Painting 200,000.00
Parking lot 100,000.00
Total 2,000,400,000.00

Estimated Rental for the property is as follows: | as follows| as follows| as follows| as follows|| as follows| as follows| as follows| as follows| as follows| as follows| as follows| as follows| as follows| as follows| as follows| as follows| as follows| as follows| as follows| as follows|5,000.00.00| as follows| as follows|CIB GH 10-22

He brings the proposal to you for consideration. He proposes that the building would serve as security. In addition a joint and several guarantee would be provided by the directors of the company. He is therefore requesting for a five year loan facility of GHC 7,300,000,00 to finance the purchase and renovation of the project. He is expecting a rate of return of 25%

Critically examine his proposition.

[30 Marks]

Note on Table Correction: The table in the attachment contains errors (e.g., “Rewingring and” likely means “Rewiring and Electrical,” and “750 40 00000” is ambiguous). I assume “750 40 00000” is a typo for GHC 750,000.00, as the total renovation cost (GHC 2,000,400,000.00) seems inflated for a single property. A realistic total of GHC 2,300,000.00 is assumed (summing corrected figures: 750,000 + 850,000 + 500,000 + 500,000 + 200,000 + 100,000). The “Estimated Rental” section is incomplete; I assume rental projections support the 25% return claim, to be verified.

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  • 20 Marks

CML – OCT 2022 – L3 – Q2 – Revival Finance for Agricultural Exporter

Assess a request to increase overdraft from GHC 2m to GHC 3m for Afram River Plantations Ltd., an exporter facing operational setbacks, and respond accordingly.

Afram River Plantations Ltd. is an exporter of bananas to North America, the EU countries and China. The business was established fifteen years ago by John Abaiido, aged 55, who is the sole shareholder of the company. The company has been your customer since its inception and has operated satisfactorily until in recent times when you noticed a significant deterioration in account operations. There is a hard core of GHC 1.500.000 on the account as a result of the problems faced by the business. You granted them an overdraft facility which expired a week ago with the balance standing at GHC 1.894.700 DR.

The company has a plantation located at Asesewa in the Eastern Region on the banks of the River Volta. The plantation is fitted with a sprawling warehouse and a packaging plant for the packaging of the bananas for export. The company has two articulated trucks it uses in conveying the produce to the harbor for export.

From your interaction with John you learnt that their operations were affected significantly by the poor weather experienced in 2011 which significantly reduced the volume of harvest. Furthermore, bushfire burnt down a significant number of the banana trees.

John, the CEO and Board Chairman has a first degree in Agriculture from the University of Cape Coast, whilst his wife, Eunice, a holder of an MBA in Banking and Finance serves as General Manager for Operations. She also has a first degree in B. Com. University of Cape Coast.

The Farm Manager is Egya Afedzie aged 61, who has a diploma in farm management from the Asuansi Agric Institute. He has been in the company since its inception.

Customer is asking for working capital support to help revive the operations of the farm. He estimates that he would require an increase in the existing overdraft limit from GHC 2.000.000.00 to GHC 3.000.000.00.

How would you respond to his proposition?

Afram River Plantations Ltd. Income Statement for the Period ending 31st Dec

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  • 20 Marks

CML – OCT 2022 – L3 – Q1 – Lending to Iron Rod Manufacturing Company

Evaluate a request for GHC 3.0 million working capital finance from a long-term customer manufacturing iron rods, aiming to supply government projects, considering eroded profits and provided financials.

Joojo Metals Ltd… has been your customer for the past twenty years. The company manufactures iron rods used in the construction of roads and houses and supplies wholesalers in Accera, Akim Oda, Nkawkaw, Nsawam and its environs.

The company sources its raw materials of iron scraps and ingons both locally and abroad, withThe company hasThe company has has been its profits eroded in 20221 due to the rapidly depreciating exchange rate of the cedi against foreigni currencies. The company has also faced increasing competition from other producers in Accera and Takorardi as well as cheaper imports from China China.

Joojo Banful owns $60%$ of the shares of the the company, whilst the remaining $ 40%$ is held by his childhood friend Fifii Awotwe who takes no active part in the management of the company.

Joojo serves as the CEO and General Manager of the company, whilst his wife, Mama Nelson, a chartered accountant serves as the Finance Director of the company. His factory Manager is Jonas Dadzzie, aged 62, a vastly experienced factory manager he recruited only a year ago. In addition, he has a pool of twenty skilled workers many of whom were poached from other companies.

The principal shareholder of the company, Joojo Banful is a noted supporter of the ruling government though he persistently denies that he has provided funding for the government.

The company’s factory is located at Tema in the Greater Accera Region of the country on a wide expanse of land. It is fitted with three huge warehouses, which are well stocked at all times. The company also has three articulator trucks which it uses for its supplies.

Jonas comes to you with a business proposition involving the provision of working capital finance for the supply of of iron rods to major government building construction projects running across the country. He tells you that this could give the business a major breakthrough and bring gains also to your bank. He is asking for working capital finance of GHC 3.0 million for this major expansion in scope of operations.

How would you respond to this proposition with respect to the provided financial statements and ratios on pages 3.4 & 5?

Profit and Loss Extracts for the year ending 30 Dec

Ratios

2019

2020

2021

[30 Marks]

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  • 20 Marks

BSIM – OCT 2022 – L3 – Q7 – IT Outsourcing Risks and Customer Data Profiling

Risks of outsourcing IT, minimization measures, and key categories of customer data for profiling with examples.

a. Discuss the risks associated with outsourcing IT services and operations, and the measures that can help in minimizing the occurrence of the risks and (or) their consequences. [10 Marks]

b. A company is trying to develop a reliable customer information system and thus, the need to build a profile of its customers. You are required to list five (5) key categories of customer data required for this exercise and give two (2) examples of type of data within the category. [10 Marks]

[Total: 20 Marks]

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  • 20 Marks

BSIM – OCT 2022 – L3 – Q6 – ERP System Development Options and Project Success

Factors for deciding on in-house or buying ERP, key issues affecting IT project success, and measures to minimize challenges.

Your bank is considering the options of developing a new Enterprise Resource Planning (ERP) system in-house or simply buying an existing system.

a) Discuss the factors to be taken into consideration and advice management on the appropriate options. [10 Marks]

b) Describe the key issues that can affect the success of such IT projects and the measures that the bank can adopt to minimize the challenges. [10 Marks]

[Total: 20 Marks]

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  • 20 Marks

BSIM – OCT 2022 – L3 – Q5 – Cybersecurity Threats and Spending Factors

Email highlighting sources of cybersecurity threats and factors for deciding cybersecurity spending.

As a participant in a recent corporate workshop on cybersecurity, your manager has requested that you share the lessons learned with management. Draft an email to the CEO highlighting:

a. Five (5) major sources of cybersecurity threats in an organization. [10 Marks]

b. five (5) key factors that management must take into consideration in deciding how much to spend on cyber security issues. [10 Marks]

[Total: 20 Marks]

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