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Introduction to CIMA P3: Risk Management Exam
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NEW QUESTION 168
As part of risk assessment exercise for a low-cost airline you are requested to match the risks listed below with the most approriate method of minimising or dealing with each risk.
Answer:
Explanation:
NEW QUESTION 169
Select the correct ethical principle that corresponds to each ethical dilemma described.
Answer:
Explanation:
NEW QUESTION 170
UJK manufactures garden machinery. The company is dependent upon another manufacturer for the motors that power its products.
One of the factors that is being considered in a stress test requested by UJK's Board is the possibility that the motor manufacturer increases its selling prices by 10% The motor accounts for a significant proportion of the overall manufacturing cost of UJK's products Which of the following are correct?
- A. UJK should identify an alternative vendor of suitable motors as part of its stress test
- B. The impact of absorbing the increased cost of motors on UJK's profits should be calculated.
- C. The possibility of an increase in selling prices due to increased costs should be noted in the stress test report
- D. UJK should estimate the impact on demand of increasing selling prices to pass on the increased cost of the motors.
- E. The motor manufacturer should be contacted and told that a substantial increase in selling prices would have a drastic impact on UJK
Answer: B,D
NEW QUESTION 171
A firewall in a computer suite is designed to
- A. prevent the overloading of the network by unauthorised traffic
- B. prevent unauthorised traffic into defined areas of the network
- C. prevent viruses from infecting the network
- D. prevent a disaster from occurring by limiting the spread of any fire
Answer: C
NEW QUESTION 172
The internal audit department should always give a report at the end of its audit. This report is intended to be useful and help the company going forward. The report should always include any recommendations for improvements. Which of the following statements are true and which are false?
Answer:
Explanation:
NEW QUESTION 173
Smalltown had a problem with people parking cars on the town's mam shopping streets instead of in the nearby car parks The parked cars created congestion and made it difficult for delivery vehicles to unload Smalltown's local government had employed traffic wardens to enforce parking regulations by issuing parking fines to motorists who parked for more than the permitted 30 minutes.
The local government took further action to deal with this problem It banned parking on the busiest streets, it introduced parking charges in the remaining streets and it made it free to park m the town's car parks for up to two hours Fewer people now park cars on the streets because of the charges, but those who do generate significant revenues for the local government Fewer traffic wardens are required and so wage costs have reduced The local goverment auditors have decided to carry out a value for money audit of the parking system Which of the following is a measure of effectiveness?
- A. The main shopping streets are no longer congested
- B. Revenues from parking have increased
- C. The remaining traffic wardens are less stressed because they no longer receive abuse by motorists.
- D. Parking enforcement costs less than before
Answer: A
NEW QUESTION 174
An oil company has entered into a joint venture with a competing oil company to develop a new oil field. The joint venture arrangement is intended to mitigate the risks associated with developing the oil field.
The following disclosure appears in the oil company's risk report:
"Many of our large projects and operations are conducted through joint ventures. These arrangements involve complex risk allocation and indemnification arrangements and we have less control over these activities than we would have if we had full ownership and control. Our partners may have economic or business interests that are opposed to ours, and may exercise the right to block key decisions or actions. We believe the joint arrangement is in our best interest." Which of the following statements are correct?
- A. Now the shareholders know the directors are aware of the risk.
- B. The risk report says nothing useful about the risk.
- C. The risk report means that the shareholders know exactly how bad the risk is.
- D. If the risk report had not reported the risk the shareholders might not have been aware of the risk.
- E. The shareholders now have more useful information.
Answer: A,D,E
NEW QUESTION 175
GUJ A small but rapidly expanding company has recently opened several branches in locations far away from the Head Office. All of the branches are relatively small with no one branch accounting for more than 5% of turnover. Management has decided that the company is not yet large enough to install an Internal Audit function but is, nonetheless, concerned about maintaining adequate control and monitoring at the branches whilst allowing Branch Managers the opportunity to react to local circumstances as appropriate.
Which of the following measures would assist Head Office management in maintaining appropriate monitoring and control at the branches?
- A. Establishing an open communication policy for employees at branches to allow them to contact Head Office on any matter that concerns them.
- B. Restricting the autonomy of individual Branch Managers to purely routine matters and instructing them to refer everything else to Head Office.
- C. Dealing with all Human Resource, recruitment, and similar issues directly from Head Office.
- D. Instituting the use of a formalised budgetary control system at head office for all branches.
- E. Arranging visits by senior management to each branch periodically.
Answer: A,D,E
NEW QUESTION 176
NTN manufactures mobile phones. The company's directors have created a new formal long term strategy The strategy is based on differentiation. NTN's phones will be thinner and lighter than those of its competitors.
Which TWO of the following statements are correct?
- A. NTN's strategy will make demand for its products less price elastic.
- B. NTN is likely to incur higher marketing costs.
- C. NTN's strategy is likely to cause competitor price wars.
- D. NTN's strategy is likely to be particularly successful in a recession
- E. NTN is likely to be able to reduce its spend on research and development
Answer: A,B
NEW QUESTION 177
CW is a large company in the food production industry. It has grown over the years by the acquisition of several smaller rivals CW has ten branches located in its home country and has just opened a foreign branch for the first time It has recently made some changes to the structure and implementation of its control system.
Which TWO of the following changes would be most likely to improve the overall control system?
- A. Excess funds are now invested, by the finance director, in short-term securities The finance director initiates buy and sell transactions and she also receives and retains all correspondence relating to the investments
- B. A policy has been initiated to complete a physical inventory of all non-current assets at least annually This is then reconciled with the non-current asset register
- C. Purchase invoices are now approved for payment at branches and a list of approved invoices are sent to head office for payment The invoices, supporting documentation and suppliers' statements are retained at the branches
- D. CW has just opened a bank account in the currency in which the newly opened branch is now operating
- E. Establishing an internal audit department
Answer: C,E
NEW QUESTION 178
J is a manager in charge of a section in GDD's Buying department. J has eight staff who report to her.
Including M, who has worked for GDD for seven months.
One afternoon, while J was absent on sick leave, M was asked to place an urgent order for plastic pellets that are vital for GDD's production process. The usual supplier could not supply the pellets on time to avoid a shortage and so M telephoned a new supplier and placed an order. When the supplier invoiced for the delivery, GDD's Accounts Payable Department rejected the invoice because the supplier did not have a valid account.
On investigation, it was revealed that M did not have the authority to place an order with a new supplier. Only J can authorise new accounts. M claimed that he had been unaware of the need to seek approval because he had never found it necessary to place an order with a new supplier before Which TWO of the following statements ate correct?
- A. GDD's directors are ultimately responsible for M's error
- B. The investigation of this matter was a waste of time because the pellets were urgently required
- C. should have made certain that M knew and understood the limits of his responsibility
- D. GDD's Internal Audit Department should have cancelled the order.
- E. M should be disciplined for exceeding his authority
Answer: B,E
NEW QUESTION 179
Company H operates a fleet of lorries. The Internal Auditor recently conducted an investigation into the transport needs of the company. Their report recommended that the lorries be disposed of, the drivers made redundant, and the distribution of the company's products be outsourced.
The type of investigation carried out by the Internal Auditor is best described as a:
- A. Effectiveness Audit
- B. Economy Audit
- C. Efficiency Audit
- D. Compliance Audit
Answer: A
NEW QUESTION 180
FGT is evaluating the political risks associated with its operations around the world.
Which of the following would indicate that a particular subsidiary has a high level of political risk?
- A. Forthcoming elections in the subsidiary's host country.
- B. The subsidiary employs a large number of nationals from the host country.
- C. The subsidiary is located a considerable distance from FGT's home country.
- D. Company law in the subsidiary host country is lax.
- E. The subsidiary's host country requires the active participation of local partners before the subsidiary can operate.
Answer: A,D,E
NEW QUESTION 181
The acronym VPN stands for.
- A. Very Personal Network
- B. Virtual Private Network
- C. Virtual Personal Network
- D. Verified Private Network
Answer: B
NEW QUESTION 182
Identify, from the list provided, which category of business risk most accurately describes the events detailed below.
Answer:
Explanation:
NEW QUESTION 183
MNB is a multinational IT company with headquarters in Asia and with operations in all continents.
MNB is attempting to expand its operations in Europe. This is seen as a major challenge as the European market is very well developed and highly competitive.
MNB develops and manufactures its own products. Parts and assemblies are sourced across Asia, America and Europe. These are sometimes purchased locally as a condition of a contract, but MNB aims to include as much of its own equipment as possible. Transfer prices between MNB's subsidiaries can be set in YEN, USD, EURO, GBP. Transfer prices are revised every month in line with production times as most goods are made on short order with sales cycles running at 3-4 months.
What types of risk are being presented here?
- A. Legal risk
- B. Environmental risk
- C. Fraud risk
- D. Currency risk
- E. Political risk
- F. Economic risk
Answer: D,E,F
NEW QUESTION 184
DFG is the largest bridge-building company in its home country, H.
DFG works exclusively for the government of country H and the government awards DFG 80% of the contracts to build new bridges.
DFG's directors are considering using the big data approach to identify opportunities to increase sales revenues and profit.
Which of the following statements are true?
- A. DFG should supplement its existing databases in order to enhance the benefit from big data.
- B. It would be unethical for DFG to use big data in order to compete even more effectively with its rivals.
- C. Big data has the potential to identify ways in which DFG can increase sales.
- D. Big data has the potential to identify ways in which DFG can reduce construction costs.
- E. The big data approach may help DFG to price contract bids more accurately.
Answer: A,D,E
NEW QUESTION 185
UIO sells mobile phones through a cham of 100 shops spread across the country Shop managers have considerable discretion over pncmg and the incentives offered to sales staff Shop managers are evaluated on the monthly contribution from completed sales. Those who exceed targets by more than 10% for three successive months are promoted Those who fail to achieve monthly targets in two successive months lose their jobs Which of the following statements are true of the performance management of UIO's shop managers?
Select ALL that apply
- A. UIO's shop managers are encouraged to take risks that may harm UIO
- B. UIO's shop managers have an incentive to develop attractive sates promotions for their shops
- C. LHO's shop managers have an incentive to offer excellent customer service
- D. UIO's shop managers may have very little sense of loyalty to the company
- E. UIO's shop managers are encouraged to sell phones at a loss
Answer: A,D,E
NEW QUESTION 186
Which of the following risks should be given highest priority?
- A. Risks which have a low impact and a low likelihood of arising
- B. Risks which have a low impact but which arise frequently
- C. Risks which have a high impact and have a low likelihood of arising
- D. Risks which have a high impact and which may arise occasionally
Answer: D
NEW QUESTION 187
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What is CIMA P3: Risk Management Exam
CIMA P3 Risk Management Exam is a Certification exam in the Risk Management domain. It is a requirement for people who work in the risk management domain. CIMA P3 Risk Management Exam is an exam that asks you to analyze all risks involved in the company. The professionals that are responsible for this management don't only focus on the financial risks, but they also pay attention to the operational risk, information technology risks, and legal risks. CIMA P3 Dumps include all the relevant information related to this exam, including the most frequently searched content. We have developed the most accurate simulations, so you can practice without any problems.
Salary of CIMA P3: Risk Management Exam
United States: 90,000 USD Europe: 80,000 Euro India: 6,800,100 INR England: 68,500 Pound
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