Which of the Following Statements Is Correct with Regard to Risk

question 250

Multiple Choice

Which of the following statements is correct with regard to risk management?

• A) The board's responsibility for risk management cannot be assigned to a board committee, such as a board risk committee.
• B) The chief audit executive is accountable to the board for designing, implementing and monitoring the risk management process.
• C) The total process of risk management, which includes a related system of internal control, is the responsibility of the board.
• D) The finance director is responsible for the overall implementation of the risk management process.

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Definitions:

Social Approval

The positive recognition or acceptance from others in a social context, often influencing behavior and self-perception.

Peers

Those of similar status.

Socialization Agents

Individuals, groups, or institutions that play significant roles in integrating individuals into society by teaching societal norms, values, and practices.

Social Learning Theory

A theory that proposes that new behaviors can be acquired by observing and imitating others.