In a Conversation About Risk Management, Miguel and Rafaela Produced

question 1

Multiple Choice

In a conversation about risk management, Miguel and Rafaela produced a ranked list of their company's risk exposures.The ranked list is most closely related to which element of the COSO framework?

• A)Information and communication
• B)Risk assessment
• C)Risk response
• D)Monitoring

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Definitions:

LLC

Stands for Limited Liability Company, a business structure that combines the pass-through taxation of a partnership or sole proprietorship with the limited liability of a corporation.

Limited Partnership

A business arrangement where one or more partners are liable only to the extent of their investment, while at least one partner has unlimited liability.

Certificate of Limited Partnership

A legal document filed with a state government to establish the existence of a limited partnership.

Secretary of State

Refers to a senior official in the federal government of the United States who heads the Department of State, primarily responsible for foreign affairs and diplomacy.