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IRR DO198-18

Quiz by Kenrick B. Firme

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10 questions
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  • Q1
    What is the primary purpose of IRR DO198-18?
    To set standards for employee conduct
    To outline financial regulations for banks
    To provide guidance on the implementation of risk management frameworks in organizations
    To establish criteria for environmental assessments
    30s
  • Q2
    Which agency primarily oversees the implementation of IRR DO198-18?
    The Securities and Exchange Commission
    The Office of the Undersecretary of Finance
    The Bureau of Internal Revenue
    The Department of Education
    30s
  • Q3
    What does IRR DO198-18 emphasize in relation to risk management?
    The benefits of outsourcing risk management
    The need for strict penalties for non-compliance
    The importance of a proactive approach to identifying and mitigating risks
    The role of insurance in risk management
    30s
  • Q4
    Which of the following is a key component of the risk management framework outlined in IRR DO198-18?
    Risk assessment and analysis
    Profit maximization strategies
    Market expansion plans
    Employee performance evaluations
    30s
  • Q5
    What is one of the expected outcomes of implementing the guidelines provided in IRR DO198-18?
    Decreased market share
    Increased regulatory fines
    Enhanced organizational resilience to risks
    Reduction in employee training programs
    30s
  • Q6
    What type of organizations does IRR DO198-18 specifically target for its risk management guidelines?
    Educational institutions
    Financial institutions
    Non-profit organizations
    Manufacturing companies
    30s
  • Q7
    Which of the following best describes the approach recommended by IRR DO198-18 for managing risks?
    Integrated and continuous risk management processes
    Reactive risk management only when issues arise
    Outsourcing all risk management to external firms
    A one-time risk assessment every five years
    30s
  • Q8
    What 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
  • Q9
    What is a significant benefit of adhering to the guidelines of IRR DO198-18?
    Higher profits without the need for strategic planning
    Improved decision-making based on risk awareness
    Lower employee turnover rates
    Reduced compliance costs with no oversight
    30s
  • Q10
    Which of the following is a requirement for risk management reporting as per IRR DO198-18?
    Only verbal updates in team meetings
    Regular monitoring and reporting of identified risks
    One-time reporting at the end of each fiscal year
    No reporting is required
    30s

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