$1.$ Who performs a key oversight role for the board and should be the critical link between the board, and both internal and external audit?

Select one:

a$.$

Auditor general

b$.$

Risk management

c$.$

Audit committee

d$.$

Compliance

$2.$ What is formed by companies in a particular industry to protect their risks?

Select one:

a$.$

Capital markets

b$.$

Captives

c$.$

Trade mutuals

d$.$

Self$-$insurance

$3.$ Indicate the correct statement.

Select one:

a$.$

A report is only useful if it is produced annually.

b$.$

Most operational risk reports comprise both quantitative and qualitative data.

c$.$

The board will be interested in a report that details all the operational risk data available to the firm.

d$.$

Operational risk reporting is by its nature a dynamic process.

$4.$ Which of the following statements are correct?

Select one:

a$.$

Internal fraud due to employee dishonesty is an uninsurable risk.

b$.$

Reputational risk is uninsurable.

c$.$

A fire caused by arson is an insurable risk.

d$.$

Theft by an employee is seen as an uninsurable risk.