This Component of the ERM Framework Concerns the Entirety of Enterprise

question 44

Multiple Choice

This component of the ERM framework concerns the entirety of enterprise risk management and is accomplished through ongoing management activities, separate evaluations, or both.

• A) control activities
• B) Monitoring
• C) objective setting
• D) risk response

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Definitions:

MTBF

Mean Time Between Failures; a reliability measure of the average time a product or system operates before failing.

Component Reliability

The probability that an individual part or component of a system performs its intended function under specified conditions for a designated period of time.

Preventive Maintenance

Regular and systematic inspection, cleaning, and replacement of worn parts, materials, and systems to prevent sudden failure and downtime.

Breakdown Maintenance

Maintenance work performed after a machine or system fails to restore it to operational condition.