Risk Awareness Training

Every organization has ‘lines of defense’ to protect themselves from risks/threats.

How many lines of defense does an organization typically have?

• 2

• 4

• 3

• 5

Name the 2^nd line of defense in LIB.

• Internal Audit

• Department’s Risk & Compliance Coordinator

• Enterprise Risk Management & Compliance Assurance

• External Auditor

What are some of the emerging risks that would have a significant impact on LIB?

I. Cyber risk

II. Reputational risk

III. Regulatory risk

IV. Climate risk

• I, IV

• I, II, III

• II, III, IV

• I, II, III, IV

Which of the following are NOT the roles of Internal Audit in risk management?

• Giving assurance on the risk management process

• Management assurance on risks

• Reviewing the management of key risks

• Evaluating the reporting of key risks

Which of the following safeguards should be considered when internal audit takes on risk responsibilities?

• In implementing IT System internal audit should ensure that internal audit does not own risk.

• Internal audit team should abstain from direct responsibility for decision making

• Internal audit’s responsibility of risk should be time bound and should be short term with a clear road map in this regard.

• All of the above

On a half year basis, ERMCA and Internal Audit will meet up to with the board of directors to jointly discuss on risk and audit matters of LIB. What is the name of this committee?

• Risk and Audit Awareness Committee (RAAC)

• Risk Management Committee (RMC)

• Forum between Audit and Risk Management Committee (FARMCOM)

• Enterprise Wide Opportunity and Risk Management Committee (EORM)