Pot Pourri
What is The process that includes generating a list of risks and their characteristics is called _________.
A. Risk Identification
B. Plan Risk Management
C. Plan Risk Responses
D. Plan Procurement
_____________ is responsible for identifying and managing the performance and risks resulting from practices and systems for which they are accountable.
A. Operations Management
B. The Customer Service Rep
C. The Business Resource Group
D. Miley Cyrus
ERM is process of planning, organizing, leading, and controlling the activities of an organization in order to minimize the effects of risk on an organization's capital and
earnings.
A. Eggs Removed Mayonaise
B. Enterprise Rake Manager
C. Enterprise Radical Mode
D. Enterprise Risk Management
This Houston based, publicly traded waste company settled a class action suit for $457 million and the SEC fined Arthur Anderson $7 million in relation to financial statement fraud.
A. Waste Management
B. Port a Pottie
C. Trash Inc
D. Microsoft
Rate increases in all markets are positioned to address what type of risk?
A. Leadership Risk
B. Integrity Risk
C. Insured Market Risk
D. Lost Opportunity RIsk
Internal Audit’s coordination with existing risk management activities to assess company risk and build the audit plan, so that the audit plan is a clear reflection of management’s
articulation of risks.
A. Audit Plan Integration
B. CCSP
C. Provider Now
D. Flik
ERM is part of the ______________ which also includes Compliance, Privacy, Legal, and IT Security.
A. The Beatles
B. Second Line Parade
C. Management Steering Committee
D. A. Second Line of Defense
CRO is the corporate executive tasked with assessing and mitigating significant competitive, regulatory and technological risks across the enterprise.
A. Chief Risk Officer
B. Chief Rebate Office
C. Chief Relational Official
D. Commander of Risky Ostriches
This Houston based commodities, energy and service corporation kept huge debts off the balance sheet through creative accounting. CEO Jeff Skilling got 24 years in prison.
A. Chevron
B. Exxon
C. Enron
D. EndRun
The increase in regulatory exams prompted the creation of the ___ team comprised of Legal and Audit professionals to drive more efficiency and consistency in HCSC’s responses.
A. CORE
B. Cubs
C. Management
D. Senior Leadership
A company’s inability to keep pace with changes in the marketplace or meet business requirements.
A. Capacity Risk
B. Competitor Risk
C. Change Readiness Risk
D. Take a Number Risk
The Third Line of Defense is comprised of the __________ functions in the Enterprise.
A. Assurance
B. Telecommunication
C. Social Network
D. Conjuction
ORSA is an internal process undertaken by an insurer or insurance group to assess the adequacy of its risk management and current and prospective solvency positions under normal and severe stress scenarios.
A. Own Rating Solvency Assessment
B. Own Risk Solvency Assessment
C. Owned Republican Survey Analyst
D. Orangutan Rescue & Saving Association
This telecommunications company's internal audit function uncovered a $3.8 billion dollar accounting fraud. CEO Bernie Ebbers was sentenced to 25 years in prison.
A. Worldcom
B. AT&T
C. Sprint
D. Ma Bell
The migration from Vantage to HPS mitigates ________.
A. Relevance Risk
B. Operational Risk
C. Residual Risk
D. Bucky Risk
Actions of competitors or new entrants to the market that impair competitive advantage or even threaten ability to survive.
A. Equity Risk
B. Competitor Risk
C. Cash Flow Risk
D. Overseas Risk
____________ provide management and the Board of Directors with a unique, independent and objective view that can contribute to an entity's achievement of its strategy and business objectives.
A. External Auditors
B. Friends
C. Family
D. Psychics
NAIC is the U.S. standard-setting and regulatory support organization created and governed by the chief insurance regulators from the 50 states, the District of Columbia and five U.S. territories.
A. National Association of Insurance Commissioners
B. National Association of Insurance Congress
C. National Application Internal Commission
D. Nude Angry Insolent Camels
In 2003, this was the largest publicly traded healthcare company. Earnings were inflated $1.4 billion to meet stockholder expectations. CEO Richard Scrushy was sentenced to 7 years for bribing the Alabama governor.
A. Scrushy Care Inc
B. Southern Hospital Corp
C. HealthSouth
D. Roll Tide Hospital
HCSC recently named a new_________ .
A. Chief Risk Officer
B. Chief Financial Officer
C. Chief Legal Officer
D. All of the Above
The exposure to actual loss as a result of the default (or other failure to perform) by an economic or legal entity with which the company does business; usually refers to a bad debt possibility.
A. Credit Risk
B. Environmental Risk
C. Exposure Risk
D. World Series Risk
The _______________________________ addresses how
specific duties related to risk and control could be assigned
and coordinated within an organization, regardless
of its size or complexity.
A. Three Lines of Defense Model
B. Three Links of Defense Model
C. Three Lines of Offense Model
D. Three Little Pigs Defense Model
RBC is a method developed by the NAIC to measure the minimum amount of capital that an insurance company needs to support its overall business operations.
A. Root Beer Cake
B. Risk-Based Commissions
C. Random Balance Capital
D. Risk-Based Capital
This bank recently committed a large corporate fraud by illegally opening customer accounts to increase bonuses. 5300 Employees have been fired, the CEO has resigned and the company has been fined $185M.
A. Bank of America
B. Wells Fargo
C. First National Bank of Joliet
D. Citibank
Prime Therapeutics recently entered an agreement with _______ to enhance pharmacy benefits.
A. Wally World
B. Wal Mart
C. Walgreens
D. Burger King