CIMA Exam CIMAPRO19-P03-1 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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Lavera

2 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

2 days ago

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

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Jenise

3 days ago

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

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Malika

5 days ago

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

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Leslie

11 days ago

B) A comprehensive and holistic approach to risk management.

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Celia

19 days ago

A) The creation of a risk aware culture.

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Vonda

25 days ago

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

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Jestine

1 months ago

B) A comprehensive and holistic approach to risk management.

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Bobbie

1 months ago

A) The creation of a risk aware culture.

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Keva

2 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

2 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

2 months ago

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

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Markus

2 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

2 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

2 months ago

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

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Jestine

2 months ago

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

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Hubert

2 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

2 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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