An effective risk management system in banks is generally the same as other industries. It requires that I.Those charged with governance are also responsible for establishing a culture within the bank that emphasizes their commitment to internal controls and high ethical standards, and often establish special committees to help discharge their functions. II. Risks that could significantly impact the achievement of the bank's goals should be identified, measured and monitored against pre-approved limits and criteria III. The risk management unit but not the internal auditing should have a reporting line to those charged with governance and management that is independent of those on whom they are reporting. a.) I, II and III b.) I and II c.) II and III d.) I and III
An effective risk management system in banks is generally the same as other industries. It requires that I.Those charged with governance are also responsible for establishing a culture within the bank that emphasizes their commitment to internal controls and high ethical standards, and often establish special committees to help discharge their functions. II. Risks that could significantly impact the achievement of the bank's goals should be identified, measured and monitored against pre-approved limits and criteria III. The risk management unit but not the internal auditing should have a reporting line to those charged with governance and management that is independent of those on whom they are reporting. a.) I, II and III b.) I and II c.) II and III d.) I and III
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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An effective risk management system in banks is generally the same as other industries. It requires that I.Those charged with governance are also responsible for establishing a culture within the bank that emphasizes their commitment to internal controls and high ethical standards, and often establish special committees to help discharge their functions. II. Risks that could significantly impact the achievement of the bank's goals should be identified, measured and monitored against pre-approved limits and criteria III. The risk management unit but not the internal auditing should have a reporting line to those charged with governance and management that is independent of those on whom they are reporting.
a.) I, II and III
b.) I and II
c.) II and III
d.) I and III
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