Topic: Controlling Risk
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500
+ past questions and counting.
- 7 Marks
SCS – Nov 2019 – L3 – Q1d – Controlling risk
Recommend internal controls to improve customer safety and service at Ghanalux.
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- Tags: Customer safety, Internal Controls, Risk Management, Service Quality
- Level: Level 3
- Topic: Controlling Risk
- Series: NOV 2019
- 10 Marks
SCS – Aug 2022 – L3 – Q8 – Controlling Risk
Explain the ISO 31000 risk management framework and the OECD principles relevant to Bazar's governance concerns.
Question
The Director of Finance and Operations, Mrs. Emma Owusu-Kwakye, is concerned about the lack of a “standardised risk management system” and “good corporate governance” at Bazar. Following Continuous Professional Development (CPD) training organised recently by the Institute of Chartered Accountants, Ghana (ICAG), on this subject and attended by you as a member of the Finance Team, duly paid for from Bazar’s training budget:
Required:
You have been asked by management to brief your finance team members on the following:
i) The International Standardisation for Organisation (ISO 31000) framework for risk management using the three (3) main elements. (5 marks)
ii) TWO (2) out of the Six OECD principles of Corporate Governance. (5 marks)
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- Tags: Corporate Governance, ISO 31000, OECD principles, Risk Management
- Level: Level 3
- Topic: Controlling Risk
- Series: AUG 2022
- 10 Marks
SCS – May 2021 – L3 – Q7 – Controlling risk
Explain the process of risk management that should be adopted by SBL's board in line with ISO 31000.
Question
Debora Dede Boateng is having sleepless nights due to the level of SBL’s risk in relation to ongoing investment. She had a discussion with Bismark, which centered on the “International Organization for Standardisation’s ISO 31000.”
Required:
Explain the process of risk management that you will recommend that should be adopted by SBL’s board in line with ISO 31000. (10 marks)
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- Tags: ISO 31000, Process of Risk Management, Risk Assessment, Risk Control, Risk Management
- Level: Level 3
- Topic: Controlling Risk
- Series: MAY 2021
- 5 Marks
SCS – Dec 2022 – L3 – Q8b – Controlling risk
Explanation of ways to embed risk awareness within an organisation.
Question
The risks that TCWL automated systems could be exposed to can be controlled and managed through embedding risk awareness in the culture of the organisation. Creating a culture of risk awareness is the responsibility of the board of directors and senior management of TCWL.
Required:
Explain FOUR (4) ways by which the Board can create and embed risk awareness in the culture of TCWL to ensure that systems risks are controlled effectively. (5 marks)
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- 5 Marks
SCS – Dec 2022 – L3 – Q8a – Controlling risk
Explanation of risks faced by automated systems and ways to embed risk awareness within an organisation.
Question
TCWL production processes and operations are highly automated, and this may expose the company to major risks with high potential of negative consequences for the business.
Required:
Explain FOUR (4) major risks that TCWL automated systems could suffer. (5 marks)
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- 10 Marks
SCS – Apr 2022 – L3 – Q8 – Controlling risk
Explain five factors of internal control that HPC can implement to strengthen governance.
Question
The Accountant advised the CEO that to strengthen governance, the Board should concern itself with the establishment of strong internal control systems. Failures or weaknesses in internal controls will have adverse consequences for HPC’s finances, financial reporting, operational efficiency and effectiveness, or regulatory compliance.
Required:
Write a paper, explaining FIVE (5) factors to the Board the nature of internal controls that could be instituted by HPC to strengthen governance. (10 marks)
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- Tags: Corporate Governance, Governance, Internal Controls, Risk Management
- Level: Level 3
- Topic: Controlling Risk
- Series: APR 2022
- 5 Marks
SCS – Nov 2023 – L3 – Q6b – Controlling Risk
Explaining two key roles the Board of Directors should play in risk management and internal controls at NSL.
Question
Risk management and internal controls are largely the responsibility of management at NSL. However, the Board of Directors has a role to play.
Required:
Identify and explain TWO (2) key roles the Board of Directors of NSL should play in relation to risk management and internal controls in accordance with the UK Corporate Governance Code and the Ghana Code of Best Practices for Corporate Governance.
(5 marks)
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- 10 Marks
SCS – July 2023 – L3 – Q4 – Controlling Risk
Prepare an internal memo on how SavvyTech's board can show commitment to risk management and create a risk-aware culture.
Question
Essential aspects of risk management and control are the culture within the organisation. The culture within the organisation is set by the board of directors and senior management (the tone at the top), but it should be shared by every manager and employee.
Required:
You are the ‘Risk and Assurance Manager’ of SavvyTech plc with the responsibility of creating a culture of risk awareness in the organisation. Prepare an internal memo for the management team to be discussed with the board of directors on what they must do to show their own commitment to risk management in the things that they say and do.
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- Tags: Organizational Culture, Risk Management, Tone at the Top
- Level: Level 3
- Topic: Controlling Risk
- Series: JULY 2023
- 4 Marks
SCS – July 2023 – L3 – Q1b – Controlling Risk
Explain why FCA might be difficult to use for the HVSC discussion at SavvyTech.
Question
After the presentation of the SAM four-step approach to the management team, the Director of Finance and Operations made the following statement: ‘The data required for FCA is usually only available in organisations that are at the forefront in responding to the environmental agenda’ (Bebbington, Gray, Hibbitt, and Kirt, 2001).
Required:
Explain to the management team why it might be difficult to use FCA to support the ongoing discussion about the new product HVSC.
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- Tags: Environmental Data, Full-Cost Accounting, Product lifecycle, Risk Management
- Level: Level 3
- Topic: Controlling Risk
- Series: JULY 2023
- 6 Marks
SCS – July 2023 – L3 – Q1a – Controlling Risk
Explain the SAM four-step approach to measuring product sustainability over its entire life cycle.
Question
Sustainability assessment and test for Full-Cost Accounting (FCA) of HVSC is to measure the impact over the full product life cycle. The Management team is concerned about the great deal of judgment that would be exercised. Conceptually, FCA appears straightforward, but it is also not an easy technique to develop and use in practice if adopted by SavvyTech plc.
The Sustainability Assessment Model (SAM) measures the impacts on sustainability of a product such as HVSC over its full life cycle from raw material extraction through the production process to final usage and disposal.
Required:
Explain the SAM four-step approach to measuring product HVSC over its entire life cycle.
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- Tags: Full-Cost Accounting, Product lifecycle, Risk Management, Sustainability
- Level: Level 3
- Topic: Controlling Risk
- Series: JULY 2023
- 6 Marks
SCS – Nov 2023 – L3 – Q4c – Controlling Risk
Identifying and explaining four production resource planning needs to manage production capacity challenges.
Question
It is evident that NSL has capacity challenges, and this has impacted the decision to expand to other markets. To succeed, NSL must plan to obtain the resources that it will need each year to meet the required capacity levels.
Required:
Identify and explain FOUR (4) production resource planning needs that NSL should focus on to effectively manage its production capacity challenges.
(6 marks)
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- Tags: Labor, Materials, Production Capacity, Resource Planning, Technology
- Level: Level 3
- Topic: Controlling Risk
- Series: NOV 2023
- 6 Marks
SCS – Nov 2023 – L3 – Q4a – Controlling Risk
Identifying and explaining the role of three stakeholders in corporate risk management.
Question
Risk management is critical for the success of every organization, including NSL. Responsibilities for effective risk oversight and management within NSL do not depend on only one stakeholder group.
Required:
Identify and explain the role of THREE (3) stakeholders as identified by the International Corporate Governance Network (ICGN) guidelines on responsibilities for the oversight and management of corporate risk (2010).
(6 marks)
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- Tags: Corporate Governance, ICGN Guidelines, Risk Management, Stakeholders
- Level: Level 1
- Topic: Controlling Risk
- Series: NOV 2023