Latest [Apr 27, 2023] P3 Exam with Accurate Risk Management PDF Questions
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Learning Concepts of CIMA P3: Risk Management Exam
CIMA P3: Risk Management Exam Guide
Short time Preparation Steps of the Exam
The CIMA P3: Risk Management exam is a part of the advanced level business and finance syllabus. On top of that, it generates predictions regarding the data that is accessible to the administration. For that reason, it is worth focusing on the risk management of the business. On the exam, there are 6 questions related to this subject. There are 3 different exercises that are designed to reveal whether you have a basic or advanced knowledge of this subject. In this article, we will give you the specifications of each subject and a short time preparation guide. CIMA P3 Dumps will help you to take the certification exam and get your CIMA P3: Risk Management Certification.
NEW QUESTION 147
A's directors do not believe that they always get value for money from their investment in capital projects.
Over the past decade the company has invested in 55 projects that have cost more than $1m. They are considering introducing a system of post completion audit to see if this will help them to understand any problems they have had with projects in the past. They hope to use the results of the post completion audits to significantly improve the results of their capital investments State whether you agree or disagree with the points raised by A's directors.
Answer:
Explanation:
NEW QUESTION 148
GUJ A small but rapidly expanding company has recently opened several branches in locations far away from the Head Office. All of the branches are relatively small with no one branch accounting for more than 5% of turnover. Management has decided that the company is not yet large enough to install an Internal Audit function but is, nonetheless, concerned about maintaining adequate control and monitoring at the branches whilst allowing Branch Managers the opportunity to react to local circumstances as appropriate.
Which of the following measures would assist Head Office management in maintaining appropriate monitoring and control at the branches?
- A. Instituting the use of a formalised budgetary control system at head office for all branches.
- B. Arranging visits by senior management to each branch periodically.
- C. Restricting the autonomy of individual Branch Managers to purely routine matters and instructing them to refer everything else to Head Office.
- D. Establishing an open communication policy for employees at branches to allow them to contact Head Office on any matter that concerns them.
- E. Dealing with all Human Resource, recruitment, and similar issues directly from Head Office.
Answer: A,B,D
NEW QUESTION 149
Which of the following best describes the relevance of value at risk (VaR) as a decision tool?
- A. VaR quantifies the maximum loss that could ever be incurred
- B. VaR quantifies past volatility
- C. VaR quantifies future volatility
- D. VaR can only measure downside risk
Answer: B
NEW QUESTION 150
Under the COSO Enterprise Risk Management Framework, who is responsible for risk management?
- A. Managers and directors only.
- B. The shareholders.
- C. Every member of the entity.
- D. The board of directors only.
Answer: C
NEW QUESTION 151
HWG is a large company which grows and processes coffee The coffee is sold to supermarkets, branded with their names for sale as "own brand" products HWG brands and packages the coffee using the supermarkets' own designs HWG's directors are considering a strategic proposal to develop a range of coffees to be sold under a brand that HWG will develop Which TWO of the following should the directors consider as part of their strategic analysis?
- A. The sales volume forecast for the new coffee
- B. Recruiting a marketing firm to advertise the new coffee
- C. The choice of name for the new brand
- D. The design of packaging for the new brand
- E. The reaction of the supermarkets who currently buy coffee from HWG
Answer: A,E
NEW QUESTION 152
X Company M has lost 25% of its revenue in the last three months due to bad debts. One of the receivables written off was from a long standing customer and the other three were from new customers. The management accountant has warned the sales team that the company cannot survive any more substantial bad debts.
Which of the following internal controls should be put in place to try and prevent further bad debts?
- A. A credit check should be carried out on each new customer.
- B. An aged analysis of customer balances must be reviewed every month.
- C. Two sales staff must authorise new customers and sign a form stating that they have done so.
- D. Credit limits should be set for all customers. However, if the credit limit will cost a sale then sales staff can override this limit.
- E. As soon as a customer payment is overdue they should not be allowed to purchase more until their balance has been reduced.
Answer: A,B,E
NEW QUESTION 153
UIO sells mobile phones through a cham of 100 shops spread across the country Shop managers have considerable discretion over pncmg and the incentives offered to sales staff Shop managers are evaluated on the monthly contribution from completed sales. Those who exceed targets by more than 10% for three successive months are promoted Those who fail to achieve monthly targets in two successive months lose their jobs Which of the following statements are true of the performance management of UIO's shop managers?
Select ALL that apply.
- A. UIO's shop managers have an incentive to offer excellent customer service
- B. UIO's shop managers are encouraged to sell phones at a loss
- C. UIO's shop managers are encouraged to take risks that may harm UIO
- D. UIO's shop managers may have very little sense of loyalty to the company
- E. UIO's shop managers have an incentive to develop attractive sates promotions for their shops
Answer: B,C,D
NEW QUESTION 154
Which of the following statements best explains why a corporate treasury department should be established as a cost centre rather than a profit centre?
- A. The Treasurer should not have a great deal of responsibility.
- B. The Treasury Department should not be encouraged to speculate.
- C. There is no way for the Treasury Department to generate revenue.
- D. The Treasurer has the ability to manipulate the Department's reported profit.
Answer: B
NEW QUESTION 155
An electricity company owns and operates a nuclear power station located ten miles from a large city. A recent and very extensive engineering examination of the power station concludes with the estimate that the probability of a major nuclear disaster within the next 20 years is 0.2%.
Which of the following best explains the relevance of quantifying the risk in that way?
- A. There is no acceptable level of risk for a major nuclear accident and so the probability has little information value in itself.
- B. The probability is so low as to be ignored.
- C. The calculation of a precise probability demonstrates that the engineers who conducted the inspection are experts in their field.
- D. The directors will be able to argue that they were not negligent in the event of a major disaster within the 20 year period.
Answer: A
NEW QUESTION 156
DBB is a mining company. The company's business requires manners to work underground in hazardous conditions DBB takes every possible precaution to protect the safety and wellbeing of its miners, but that does not prevent the occurrence of four or five serious injuries every year. That number is small in relation to the many thousands of owners employed by DBB.
DBB's Board is preparing a risk map Most directors believe that injuries to miners should be classified as high Likelihood and high impact, which Is a category of risk that should be avoided according to the TARA framework One of the directors has suggested that the risk should be classified as low likelihood and high impact because that would move the risk into the quadrant associated with transference or sharing and so could be draft with by, say, insurance Which TWO of the following are correct?
- A. Risk maps enable companies to identify the correct migration for any given risk
- B. The fact that there are very few accidents supports the argument that the likelihood
- C. The director's recommendation that the risk should be reclassified will make the risk map more useful
- D. Discussing likelihood and impact will help DBB's Board to mitigate the risk of industrial inquiry
- E. it is unlikely that DBB will be able to transfer the risk of these injuries by insurance.
Answer: A,B
NEW QUESTION 157
Z is a multinational pharmaceuticals company with operations across Europe, America and Asia.
It is currently investigating the possibility of setting up a chemical and specialist production facility in South America. This would be a multi $billion investment. What steps should Z take to manage the following risks in this long term venture.
Answer:
Explanation:
NEW QUESTION 158
When a new computer system is being implemented there are several possible methods for managing the changeover from the old system to the new system.
Which THREE of the following are true?
- A. Phased changeover moves individual portions of the business to the new system one at a time.
- B. Pilot changeover moves the simplest part of the business to the new system first.
- C. Direct changeover, or Big Bang is only used when the systems are significantly different such that comparing the outputs of the two systems is largely irrelevant.
- D. All methods of changeover carry high risk and it is the preparation, consideration of data compatibility and data cleansing before the changeover which has the biggest impact on the smoothness of the transition.
- E. Parallel running involves keeping the old system running, normally until certain data retention criteria are met or confidence is gained, while the new system deals with the new workload. Data input is usually carried out on both systems.
- F. Phased changeover is the safest and slowest method of changeover.
Answer: A,D,E
NEW QUESTION 159
Identify, from the list provided, which category of business risk most accurately describes the events detailed below.
Answer:
Explanation:
NEW QUESTION 160
G plc has decided to move its production plant to overseas Country A.
This would make the product cheaper to produce. The technology used to make the product is very advanced and some of the staff would have to move to Country A.
The Production Director has identified that there are some political risks in moving to Country A.
Match the methods of reducing the political risks associated with the move to Country A with the corresponding risks.
Answer:
Explanation:
NEW QUESTION 161
H is a farmer. An outbreak of a contagious animal disease has just been detected near the region where the farm is located. This could potentially lead to substantial financial losses for H.
In these circumstances, which of the following responses by H is the most appropriate?
- A. Avoid the risk by the immediate cessation of all animal farming activities and the sale or disposal of all animals currently held on the farm.
- B. Accept the risk and carry on as previously.
- C. Transfer the risk by taking out a substantial level of insurance cover.
- D. Reduce the risk by strict adherence to all government imposed animal movement restrictions, by the appropriate use of disinfectants and by similiar precautions.
Answer: D
NEW QUESTION 162
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