Turnbull Report – NBC Institute

CSME – Nov 2023 – L2 – Q6 – Risk Management and Corporate Strategy

This question identifies types of risk in a volatile business environment, using the Turnbull Report.

Question

Today’s business environment is often described by many experts as Volatile, Uncertain, Complex, and Ambiguous (VUCA). Some of the driving forces of the VUCA environment include COVID-19 pandemic, the war in Europe, global warming, and a rapidly changing technological environment.

The impact of the VUCA environment on the global economy includes inflation, dwindling consumers’ purchasing power, rising energy costs, among others, leading to an increase in a sense of turbulence, danger, and unpredictability. With the volatility in the business environment also comes frequent changes in laws and regulations affecting businesses, a factor that adds instability to an already unstable business environment.

You have been asked by a start-up company in the consumer goods retailing business to provide advice on risk management as it concerns the global economy. The company is planning to launch an online retail store with a focus on the global consumer goods market.

Required:
Using the Turnbull Report and drawing from the given scenario, identify and explain to your client the types of risk that are inherent in the VUCA business environment. (15 Marks)

Answer

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Tags: Global Economy, Risk Management, Strategic Risks, Turnbull Report, VUCA
Level: Level 2

Topic: Risk Management and Corporate Strategy

CSME – May 2019 – L2 – Q2 – Risk Management and Corporate Strategy

Discuss the elements of a risk management system, Board committee functions in risk management, and six categories of business risks from the Turnbull Report.

Question

The Code of Corporate Governance in Nigeria states that “the Board of Directors may establish a Risk Management Committee to review the adequacy and effectiveness of risk management and controls at least annually and the Board has responsibility to report on the effectiveness of the controls to shareholders.”

a) In line with the requirements above, discuss the elements of a risk management system. (8 Marks)

b)
(i) Advise an executive director on the functions of the Board Committee in relation to enterprise risk management. (6 Marks)
(ii) Extract from the Turnbull Report, the six (6) categories of risk common to business. (6 Marks)

Answer

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Tags: Board Committees, Enterprise Risk Management, Risk Management, Turnbull Report
Level: Level 2

Topic: Risk Management and Corporate Strategy
Series: MAY 2019

SCS – Apr 2022 – L3 – Q5 – Identifying and assessing risk

Discuss eight business risks faced by HPC and recommend mitigation strategies based on the Turnbull Report.

Question

In their Annual Business Review meeting, the Board of HPC discussed a report on Internal Controls and Risk Management, presented by the Internal Auditor. The Board Chairman in his comments mentioned that he would have been more comfortable with a Risk Management report categorized according to the Turnbull Report.

Required:
With reference to the Turnbull Report and the comments made by the Board Chairman, write a report discussing EIGHT (8) categories of business risks faced by HPC and recommendations to mitigate the identified risks. (20 marks)

Answer

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Tags: Business Risks, Corporate Governance, Risk Management, Risk Mitigation, Turnbull Report
Level: Level 3

Topic: Identifying and assessing risk
Series: APR 2022

CSME – Nov 2023 – L2 – Q6 – Risk Management and Corporate Strategy

This question identifies types of risk in a volatile business environment, using the Turnbull Report.

Question

Required:
Using the Turnbull Report and drawing from the given scenario, identify and explain to your client the types of risk that are inherent in the VUCA business environment. (15 Marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Global Economy, Risk Management, Strategic Risks, Turnbull Report, VUCA
Level: Level 2

Topic: Risk Management and Corporate Strategy

CSME – May 2019 – L2 – Q2 – Risk Management and Corporate Strategy

Discuss the elements of a risk management system, Board committee functions in risk management, and six categories of business risks from the Turnbull Report.

Question

a) In line with the requirements above, discuss the elements of a risk management system. (8 Marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Board Committees, Enterprise Risk Management, Risk Management, Turnbull Report
Level: Level 2

Topic: Risk Management and Corporate Strategy
Series: MAY 2019

SCS – Apr 2022 – L3 – Q5 – Identifying and assessing risk

Discuss eight business risks faced by HPC and recommend mitigation strategies based on the Turnbull Report.

Question

Answer

Find Related Questions by Tags, levels, etc.

Tags: Business Risks, Corporate Governance, Risk Management, Risk Mitigation, Turnbull Report
Level: Level 3

Topic: Identifying and assessing risk
Series: APR 2022

Question Tag: Turnbull Report

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CSME – Nov 2023 – L2 – Q6 – Risk Management and Corporate Strategy

This question identifies types of risk in a volatile business environment, using the Turnbull Report.

CSME – May 2019 – L2 – Q2 – Risk Management and Corporate Strategy

Discuss the elements of a risk management system, Board committee functions in risk management, and six categories of business risks from the Turnbull Report.

SCS – Apr 2022 – L3 – Q5 – Identifying and assessing risk

Discuss eight business risks faced by HPC and recommend mitigation strategies based on the Turnbull Report.

CSME – Nov 2023 – L2 – Q6 – Risk Management and Corporate Strategy

This question identifies types of risk in a volatile business environment, using the Turnbull Report.

CSME – May 2019 – L2 – Q2 – Risk Management and Corporate Strategy

Discuss the elements of a risk management system, Board committee functions in risk management, and six categories of business risks from the Turnbull Report.

SCS – Apr 2022 – L3 – Q5 – Identifying and assessing risk

Discuss eight business risks faced by HPC and recommend mitigation strategies based on the Turnbull Report.

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CSME – Nov 2023 – L2 – Q6 – Risk Management and Corporate Strategy

This question identifies types of risk in a volatile business environment, using the Turnbull Report.

You're reporting an error for "CSME – Nov 2023 – L2 – Q6 – Risk Management and Corporate Strategy"

CSME – May 2019 – L2 – Q2 – Risk Management and Corporate Strategy

Discuss the elements of a risk management system, Board committee functions in risk management, and six categories of business risks from the Turnbull Report.

You're reporting an error for "CSME – May 2019 – L2 – Q2 – Risk Management and Corporate Strategy"

SCS – Apr 2022 – L3 – Q5 – Identifying and assessing risk

Discuss eight business risks faced by HPC and recommend mitigation strategies based on the Turnbull Report.

You're reporting an error for "SCS – Apr 2022 – L3 – Q5 – Identifying and assessing risk"

CSME – Nov 2023 – L2 – Q6 – Risk Management and Corporate Strategy

This question identifies types of risk in a volatile business environment, using the Turnbull Report.

You're reporting an error for "CSME – Nov 2023 – L2 – Q6 – Risk Management and Corporate Strategy"

CSME – May 2019 – L2 – Q2 – Risk Management and Corporate Strategy

Discuss the elements of a risk management system, Board committee functions in risk management, and six categories of business risks from the Turnbull Report.

You're reporting an error for "CSME – May 2019 – L2 – Q2 – Risk Management and Corporate Strategy"

SCS – Apr 2022 – L3 – Q5 – Identifying and assessing risk

Discuss eight business risks faced by HPC and recommend mitigation strategies based on the Turnbull Report.

You're reporting an error for "SCS – Apr 2022 – L3 – Q5 – Identifying and assessing risk"

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