
IRR DO198-18
Quiz by Kenrick B. Firme
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10 questions
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- Q1What is the primary purpose of IRR DO198-18?To set standards for employee conductTo outline financial regulations for banksTo provide guidance on the implementation of risk management frameworks in organizationsTo establish criteria for environmental assessments30s
- Q2Which agency primarily oversees the implementation of IRR DO198-18?The Securities and Exchange CommissionThe Office of the Undersecretary of FinanceThe Bureau of Internal RevenueThe Department of Education30s
- Q3What does IRR DO198-18 emphasize in relation to risk management?The benefits of outsourcing risk managementThe need for strict penalties for non-complianceThe importance of a proactive approach to identifying and mitigating risksThe role of insurance in risk management30s
- Q4Which of the following is a key component of the risk management framework outlined in IRR DO198-18?Risk assessment and analysisProfit maximization strategiesMarket expansion plansEmployee performance evaluations30s
- Q5What is one of the expected outcomes of implementing the guidelines provided in IRR DO198-18?Decreased market shareIncreased regulatory finesEnhanced organizational resilience to risksReduction in employee training programs30s
- Q6What type of organizations does IRR DO198-18 specifically target for its risk management guidelines?Educational institutionsFinancial institutionsNon-profit organizationsManufacturing companies30s
- Q7Which of the following best describes the approach recommended by IRR DO198-18 for managing risks?Integrated and continuous risk management processesReactive risk management only when issues ariseOutsourcing all risk management to external firmsA one-time risk assessment every five years30s
- Q8What role does communication play in the risk management framework of IRR DO198-18?It is limited to annual reports only.It is not emphasized in the guidelines.It is essential for ensuring all stakeholders are informed and engaged.It is only necessary for external auditors.30s
- Q9What is a significant benefit of adhering to the guidelines of IRR DO198-18?Higher profits without the need for strategic planningImproved decision-making based on risk awarenessLower employee turnover ratesReduced compliance costs with no oversight30s
- Q10Which of the following is a requirement for risk management reporting as per IRR DO198-18?Only verbal updates in team meetingsRegular monitoring and reporting of identified risksOne-time reporting at the end of each fiscal yearNo reporting is required30s