Risk Audit – NBC Institute

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

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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 – Nov 2016 – L2 – Q1 – Environmental Analysis

Analyze Pallat Manufacturing's macro-environment using the PESTEL model, discuss limitations, and explain risk audit stages.

Question

Pallat Manufacturing Company Limited was incorporated in Nigeria in 2004 and has made significant progress since its inception. The company manufactures cosmetics which it distributes throughout the country. However, the company is currently experiencing problems arising from major changes in its business environment. To deal with these challenges, the company set up a team of managers drawn from various departments. The team was required to evaluate the company’s current strategies in light of the challenges occurring in its environment.

a. With the aid of the PESTEL model, write a brief to be presented at the next scheduled meeting of the team, highlighting the significant factors in the macro-environment of the firm. (18 Marks)

b. Discuss TWO limitations of using the PESTEL analysis. (7 Marks)

c. As an Accountant, determine the FOUR stages involved in risk audit. (5 Marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Business Environment, PESTEL, Risk Audit, Risk Management, Strategic Planning
Level: Level 2

Topic: Environment analysis
Series: NOV 2016

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

CSME – Nov 2016 – L2 – Q1 – Environmental Analysis

Analyze Pallat Manufacturing's macro-environment using the PESTEL model, discuss limitations, and explain risk audit stages.

Question

a. With the aid of the PESTEL model, write a brief to be presented at the next scheduled meeting of the team, highlighting the significant factors in the macro-environment of the firm. (18 Marks)

b. Discuss TWO limitations of using the PESTEL analysis. (7 Marks)

c. As an Accountant, determine the FOUR stages involved in risk audit. (5 Marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Business Environment, PESTEL, Risk Audit, Risk Management, Strategic Planning
Level: Level 2

Topic: Environment analysis
Series: NOV 2016

Question Tag: Risk Audit

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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 – Nov 2016 – L2 – Q1 – Environmental Analysis

Analyze Pallat Manufacturing's macro-environment using the PESTEL model, discuss limitations, and explain risk audit stages.

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 – Nov 2016 – L2 – Q1 – Environmental Analysis

Analyze Pallat Manufacturing's macro-environment using the PESTEL model, discuss limitations, and explain risk audit stages.

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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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CSME – Nov 2016 – L2 – Q1 – Environmental Analysis

Analyze Pallat Manufacturing's macro-environment using the PESTEL model, discuss limitations, and explain risk audit stages.

You're reporting an error for "CSME – Nov 2016 – L2 – Q1 – Environmental Analysis"

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.

You're reporting an error for "CSME – May 2022 – L2 – SB – Q2 – Risk Management and Corporate Strategy"

CSME – Nov 2016 – L2 – Q1 – Environmental Analysis

Analyze Pallat Manufacturing's macro-environment using the PESTEL model, discuss limitations, and explain risk audit stages.

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