CIMAPRO19-P03-1 Exam - Topic 5 Question 46 Discussion

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

Question #: 46
Topic #: 5

[All CIMAPRO19-P03-1 Questions]

The Committee of Sponsoring Organisations (COSO) outlined six key principles of Enterprise Risk Management (ERM).

Which of the following are COSO key principles?

AThe creation of a risk aware culture.

BA comprehensive and holistic approach to risk management.

CRisk management is the responsibility of the risk committee.

DConsideration of risk management in the context of business strategy.

EConsideration of the main risk only which is financial risk.

Show Suggested Answer

Suggested Answer: B, C, E

by Sharika at Mar 02, 2023, 10:52 PM

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Ivory

4 months ago

D is spot on, it’s all about aligning with strategy!

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Thora

4 months ago

Wait, E is not a principle, right? That sounds off!

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Peter

4 months ago

C seems too narrow, risk management is broader than just a committee.

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Burma

4 months ago

I think B is also correct.

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Clay

4 months ago

A is definitely one of the principles!

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Lacey

5 months ago

I know that considering risk in the context of business strategy is important, but I'm unsure if it's explicitly listed as a key principle.

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Pearly

5 months ago

I feel like the responsibility of risk management is broader than just the risk committee, but I can't recall the exact wording from the framework.

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Juan

5 months ago

I think a comprehensive approach to risk management is definitely one of the principles. It seems familiar from our practice questions.

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Marva

5 months ago

I remember that COSO emphasizes a risk-aware culture, but I'm not sure if that's one of the key principles.

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Tambra

5 months ago

Ah, I remember learning about this in class. I'm confident I can identify the right description.

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Rasheeda

5 months ago

Hmm, I'm not too familiar with the TIBCO CIM utilities. I'll have to think this through carefully and try to eliminate the options that don't sound right.

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Maile

5 months ago

This question seems straightforward, but I want to make sure I understand the details correctly before answering.

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Lavera

10 months ago

Hold up, did someone say 'financial risk' is the main risk? That's like saying the Titanic's main problem was the iceberg, not the gaping hole in the hull. Clearly, E is not the way to go.

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Rory

8 months ago

Exactly, a holistic approach is key to effective risk management.

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Jenise

8 months ago

I agree, focusing only on financial risk is not enough. We need to consider all aspects of risk.

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Malika

8 months ago

D) Consideration of risk management in the context of business strategy.

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Leslie

9 months ago

B) A comprehensive and holistic approach to risk management.

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Celia

9 months ago

A) The creation of a risk aware culture.

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Vonda

9 months ago

D) Consideration of risk management in the context of business strategy.

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Jestine

9 months ago

B) A comprehensive and holistic approach to risk management.

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Bobbie

9 months ago

A) The creation of a risk aware culture.

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Keva

10 months ago

A, B, and D, for sure. C? That's like saying the IT department is the only one responsible for technology. Nah, not buying it.

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Jenise

10 months ago

I believe the key principles should also include C, as the risk committee plays a crucial role in managing risks.

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Avery

10 months ago

I agree with Jestine, those principles make sense for effective risk management.

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Markus

10 months ago

Hmm, I'm going with A, B, and D. E sounds like it's straight out of the 90s. This is 2023, people! We need a more holistic approach to risk.

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Kirk

10 months ago

Yeah, E does seem a bit outdated. We need to consider all types of risks in today's business environment.

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Pa

10 months ago

I agree, A, B, and D are definitely key principles for effective risk management.

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Jestine

11 months ago

I think the key principles are A, B, D.

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Hubert

11 months ago

Definitely A, B, and D. E seems a bit too narrow-minded. Isn't ERM supposed to consider all kinds of risks, not just financial ones?

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Herschel

11 months ago

A, B, and D seem pretty spot on to me. Not sure about C though - I thought risk management was everyone's responsibility, not just the risk committee's.

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