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Boards, including Audit and Risk Committees must:
I. Clearly articulate the corporate risk appetite to senior management
II. Thoroughly review compensation plans of potentially "highly compensated positions" for consistency with corporate risk appetite, competitive market conditions and fiduciary responsibility to shareholders
III. Have a single member formally given responsibility for understanding and reporting the effectiveness of the corporation's risk management infrastructure
IV. Be fully accountable to shareholders and work to the benefit of public good and financial stability
The hedging strategy employed by MG Refining & Marketing has been called:
The sensitivity analysis required under IFRS would have done what for China Aviation Oil?
The Fortress Re accounting risk transfer procedures
Which of the following does NOT relate to the Orange County case?
The Financial Accounting and Reporting Infrastructure of any organization must:
I. Accurately represent the corporation's current and known financial condition in a timely manner
II. Only use off-balance sheet transactions which have a legitimate economic, tax, risk transfer or risk mitigating purpose
III. Provide a detailed description of the Risk Management Infrastructure in the organization's Annual Report to Shareholders
IV. Provide an auditable Annual Statement of Compliance with the Board's publicly stated Standards of Corporate Governance to the Board and Audit Committee
Which of the following would have contributed to noticing and preventing Leeson's violations at Barings?
Which of the following best characterize the problems that developed at Bankers Trust?
Metallgesellschaft's retail contracts were
An Organization as a Whole must:
I. Provide an environment in which an Escalation Policy can be effective
II. Commit itself to actual enforcement of corporate governance policies
III. Provide ongoing education and training to all employees on the role of risk management and corporate governance in the organization
IV. Publish an external auditor's opinion that the corporation is in compliance with the Board's publicly stated Standards of Corporate Governance
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