EXAM CODE : P3 UPDATION DATE : 2023-03-30 TOTAL QUESTIONS : 339 UPDATES : UPTO 3 MONTHS GUARANTEE : 100% PASSING GUARANTEE
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A. (i) and (iii) only.
B. (ii) only.
C. (iii) only.
D. None of the above.
ANSWER : C
Which TWO of the following shows incorrect classification of risks?
A. Abnormal wastes arising during production due to low quality stuff or lower grade labor being used is an example of
operational risk
B. Malfunctioning of an IT system and hence the leak of confidential data is a strategic risk
C. Risks related to consumer rights protection and improved health and safety would be classified as strategic risks.
D. A company’s driver committing a breach of law (e.g. speeding or parking in an inappropriate place) would be classified
as a hazard risk.
ANSWER : B,D
Which ONE of the following correctly describes the three lines of defence in relation to assurance mapping?
A. ‘Management controls’ are the first line of defence, followed by ‘operational controls’, and the third line of defence is
‘independent assurance’.
B. ‘Operational controls’ are the first line of defence, followed by ‘management controls’, and ‘independent assurance’ is a third line of defence.
C. The correct sequence for the three lines of defence is: ‘independent assurance’, ‘operational controls’ and, finally,
‘management controls’.
D. None of the above correctly describes the three lines of defence.
ANSWER : B
Which ONE of the following is correct?
A. Risk and uncertainty are two different but related words and can be used interchangeably. The only difference between
them is that risk refers to more severe cases.
B. There is an inherent relation between risk and reward, suggesting that risky ventures would be expected to yield higher gains and low-risk ventures, lower gains.
C. Understanding and assessing risks involves quantifying them, usually with the aid of sensitivity analysis and statistical
techniques such as simulation to ensure the outcome is always as per expectations or better
ANSWER : B
A. Risk quantification helps in understanding and assessing the nature and severity of risks. Using probabilities gives an
idea regarding the chances of arising losses.
B. Risk rating is a simple technique that can be based on probability, e.g. there is a 70% chance of risk materializing.
C. Expected values are defined by CIMA official terminology as: ’means of calculating the average outcome by assigning
probabilities to different outcomes’.
ANSWER : C
