The ERM framework is comprised of eight components. Which component includes the policies and procedures established and implemented to help ensure the risk responses are effectively carried out?
A) control activities
B) event identification
C) risk assessment
D) risk response

Question

Quizplus · Accepted Answer

Control activities are the policies and procedures established to help ensure that risk responses are effectively carried out. Event identification is the process of identifying potential events that could affect the organization's objectives. Risk assessment is the process of analyzing risks to determine their likelihood and potential impact. Risk response is the development of strategies to effectively manage identified risks.

The ERM Framework Is Comprised of Eight Components