An Organization Has Adopted an Enterprise-Wide Risk Management Process and Has

question 209

Multiple Choice

An organization has adopted an enterprise-wide risk management process and has appointed a chief risk officer (CRO) to manage the process. The board has requested that the audit committee have oversight over the risk management function. Which of the following statements is not true regarding this situation?

• A) The audit committee should get assurance on the adequacy and effectiveness of the risk management process from the CRO.
• B) The chief audit executive has the mandate to conduct risk assessments and give assurance to the audit committee.
• C) The audit committee, on behalf of the board, has overall responsibility for the risk management process in the organization.
• D) Senior management is accountable to the board for monitoring the system of internal controls.

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Definitions:

Quality Improvement Projects

Initiatives aimed at enhancing the efficiency, effectiveness, and safety of processes in various sectors, particularly healthcare.

National Recession

A period of economic decline across a country, usually defined as two consecutive quarters of decreasing gross domestic product (GDP).

Electronic Medical Record System

A digital version of a patient's paper chart, providing real-time, patient-centered records that make information available instantly and securely to authorized users.