ALARP Principle – Knowsia

CSME – May 2021 – L2 – Q5b – Risk Management and Corporate Strategy

Explanation of the ALARP principle with the aid of a diagram.

Question

With the aid of a diagram, explain the concept of “As Low as Reasonably Practicable” (ALARP) principle. (5 Marks)

Answer

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Tags: ALARP Principle, Risk Evaluation, Risk Management, Safety Standards
Level: Level 2

Topic: Risk Management and Corporate Strategy
Series: MAY 2021

CSME – May 2022 – L2 – SB – Q2 – Risk Management and Corporate Strategy

Advise on risk management for a supermarket chain facing security challenges and new regulations.

Question

A supermarket chain recently established more outlets in the city. Due to increased risk exposure occasioned by heightened insecurity in the country, the company saw the need to implement an effective management strategy aimed at minimizing attendant risks. The need is made even more apparent due to the introduction of more stringent regulatory requirements on handling perishable food items by the National Agency for Food and Drugs Administration and Control (NAFDAC). To this end, you have been engaged to provide advice to the company on risk management.

Required:

i. Using the ALARP principle, advise the management on how to effectively manage the company’s risks. (2 Marks)
ii. Advise the company on the need to engage a risk manager. (2 Marks)
iii. Enumerate the roles of a risk manager. (5 Marks)

i. What is a risk audit? Should the firm engage internal or external auditors (or consultants) to conduct a risk audit? Justify your position. (7 Marks)
ii. Illustrate to the management of the company the stages involved in conducting a risk audit. (4 Marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: ALARP Principle, External audit, Internal Audit, Risk Assessment, Risk Audit, Risk Management
Level: Level 2

Topic: Risk Management and Corporate Strategy
Series: MAY 2022

CSME – May 2021 – L2 – Q5b – Risk Management and Corporate Strategy

Explanation of the ALARP principle with the aid of a diagram.

Question

With the aid of a diagram, explain the concept of “As Low as Reasonably Practicable” (ALARP) principle. (5 Marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: ALARP Principle, Risk Evaluation, Risk Management, Safety Standards
Level: Level 2

Topic: Risk Management and Corporate Strategy
Series: MAY 2021

CSME – May 2022 – L2 – SB – Q2 – Risk Management and Corporate Strategy

Advise on risk management for a supermarket chain facing security challenges and new regulations.

Question

Required:

i. Using the ALARP principle, advise the management on how to effectively manage the company’s risks. (2 Marks)
ii. Advise the company on the need to engage a risk manager. (2 Marks)
iii. Enumerate the roles of a risk manager. (5 Marks)

i. What is a risk audit? Should the firm engage internal or external auditors (or consultants) to conduct a risk audit? Justify your position. (7 Marks)
ii. Illustrate to the management of the company the stages involved in conducting a risk audit. (4 Marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: ALARP Principle, External audit, Internal Audit, Risk Assessment, Risk Audit, Risk Management
Level: Level 2

Topic: Risk Management and Corporate Strategy
Series: MAY 2022

Question Tag: ALARP Principle

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CSME – May 2021 – L2 – Q5b – Risk Management and Corporate Strategy

Explanation of the ALARP principle with the aid of a diagram.

CSME – May 2022 – L2 – SB – Q2 – Risk Management and Corporate Strategy

Advise on risk management for a supermarket chain facing security challenges and new regulations.

CSME – May 2021 – L2 – Q5b – Risk Management and Corporate Strategy

Explanation of the ALARP principle with the aid of a diagram.

CSME – May 2022 – L2 – SB – Q2 – Risk Management and Corporate Strategy

Advise on risk management for a supermarket chain facing security challenges and new regulations.

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