CIMA Exam CIMAPRO19-P03-1 Topic 2 Question 67 Discussion

Actual exam question for CIMA's CIMAPRO19-P03-1 exam

Question #: 67
Topic #: 2

[All CIMAPRO19-P03-1 Questions]

Under the COSO Enterprise Risk Management Framework, who is responsible for risk management?

AEvery member of the entity.

BThe board of directors only.

CManagers and directors only.

DThe shareholders.

Show Suggested Answer

Suggested Answer: C, D

by Lura at May 13, 2024, 04:26 PM

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Cyril

4 days ago

I'm pretty sure this is a change in accounting estimate. The company is updating its estimate of future warranty costs based on a production improvement, which doesn't seem to be a change in principle or a correction of an error. I'll select option B.

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Kenneth

5 days ago

I vaguely remember a similar question where an off-by-one error caused issues. I wonder if that's happening here too.

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Salome

6 days ago

I think the divisional structure would be the best fit here. Differentiation at the business level usually requires more flexibility and autonomy, which a divisional structure can provide.

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Franchesca

8 days ago

I've got a strategy for this. I'll focus on finding the right Activity element in XML Document 2 based on the Code attribute, then update its Status element accordingly. Gotta be careful with the namespace-aware parsing.

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Stevie

5 months ago

Hey, if the shareholders were in charge of risk management, I'd be rich by now! Guess they're not as competent as we thought. Option A all the way.

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Noemi

5 months ago

Shareholders responsible for risk management? What is this, a comedy show? They're just there to make money, not to run the company. Definitely going with Option A.

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Dylan

5 months ago

Only managers and directors? Sounds like a recipe for disaster. Everyone in the entity should be involved in risk management, from the CEO to the janitor. Option A is the way to go.

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Corinne

4 months ago

Shareholders should also be involved in understanding and managing risks.

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Desmond

4 months ago

Managers and directors should definitely play a key role in risk management.

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Joseph

4 months ago

I think the board of directors should have the ultimate responsibility for risk management.

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Pamela

4 months ago

I agree, everyone in the entity should be responsible for risk management.

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Dominque

5 months ago

I think the board of directors should be responsible for risk management. They're the ones calling the shots, so they should be the ones managing the risks too. Option B for me.

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Rolande

3 months ago

Managers and directors should also play a role in risk management. It shouldn't just be left to one group to handle all the risks.

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Phung

4 months ago

I think every member of the entity should be responsible for risk management. It's important for everyone to be aware of and involved in managing risks.

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France

4 months ago

I agree, the board of directors should definitely be responsible for risk management. They have the overall authority.

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An

5 months ago

Well, the COSO ERM Framework clearly states that risk management is the responsibility of everyone in the organization, not just the board or managers. Option A seems like the right choice here.

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