1
Q
What is third party risk?
A
Risk that exists as a result of third party service contracts.
2
Q
What are the three jey third party risks?
A
1 Failure to provide quality of service
2 Disruptions to continuity of service
3 Failure of service provided (e.g. bankruptcy)
3
Q
List three common rools for controlling third party risks.
A
Contract management Dual supply arrangements Due dilligence Escrow agreement Relationship management Service level agreements
Risk Management
flashcards
Decks in class (91)
# Cards
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1.1 The global risk environment8
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1.2 The importance of risk management: a stakeholder approach14
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1.3 Reasons for risk management12
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1.4 The global regulatory framework for risk management26
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1.5 International risk management standards9
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2.1 Regulatory frameworks11
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2.2 The link between risk management practices and corporate governance regulation10
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2.3 UK regulations: the Corporate Governance Code11
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2.4 Irish regulations: the Irish Companies Act 2014 and system of corporate governance.2
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2.5 European Union regulations4
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2.6 The G20/OECD Principles of Corporate Governance7
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2.7 World Bank corporate governance and financial reporting initiatives2
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2.8 Corporate governance regulations in other nations5
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3.1 Sector regulators5
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3.2 Sector regulation for EU member states11
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3.3 Financial services regulation19
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3.4 Health and safety regulation14
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3.5 Environmental regulation7
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4.1 Risk management frameworks and standards10
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4.2 Contents of a risk management framework18
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4.3 A detailed look at ISO31000:201814
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4.4 National standards and guides15
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5.1 Key risk management concepts7
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5.2 Defining risk23
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5.3 Categorising risk38
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5.4 Risk interconnectivity1
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5.5 Risk perception8
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5.6 Other practical challenges2
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6.1 Risk management as a foundation of organisational success5
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6.2 The evolution of risk management8
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6.3 The role of risk management in organisations10
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6.4 Linking risk to strategy4
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6.5 Creating value through risk10
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6.6 The regulatory view of risk6
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7.1 Risk management processes, perspectives and responsibilities7
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7.2 The standard risk management process13
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7.3 Enterprise risk management15
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7.4 Role and responsibilities for risk management13
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8.1 Frameworks for governance, risk and compliance9
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8.2 Role of governance and compliance within a risk management context6
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8.3 Components of an effective compliance management framework10
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8.4 Governance structures for risk management7
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8.5 ISO 19600:2014 - compliance management systems6
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8.6 Combining governance, risk and compliance4
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9.1 Evaluating and reporting risk9
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9.2 Techniques for identifying risk events30
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9.3 Identifying emerging risk8
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9.4 Risk assessment techniques14
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9.5 Risk registers and risk and control self-assessments5
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9.6 Risk reporting12
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10.1 Risk culture, appetite and tolerance10
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10.2 Risk appetite as a mechanism for balancing risk and return9
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10.3. Risk tolerance and capacity4
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10.4 Expressing risk appetite7
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10.5 Determining risk appetite4
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10.6 Good practice guidance on implementing risk appetite1
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10.7 Culture and risk culture7
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10.8 Assessing, monitoring and controlling risk culture7
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11.1 Compliance management8
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11.2 Linking compliance and risk management5
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11.3 Roles and responsibilities for compliance11
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11.4 Risk-based compliance monitoring3
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11.5 Compliance management tools11
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12.1 Risk control strategies12
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12.2 Reasons for risk control8
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12.3 The four Ts of risk control10
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12.4 Risk treatment techniques13
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12.5 Common risk treatment controls8
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12.6 Risk financing15
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12.7 Controlling major loss events8
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12.8 Controlling third party risks3
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13.1 Risk management in practice12
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13.2 Common applications of risk management practice18
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13.3 Risk management, corporate social responsibility and sustainability7
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13.4 Regulatory reporting9
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14.1 Trends and future developments for risk management15
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14.2 Crime9
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14.3 Financial crime10
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14.4 Bribery and corruption3
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14.5 Political risk3
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14.7 People risk7
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14.8 Climate change risk3
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14.9 Asymetric risk2
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14.10 Reputation and resilience2
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14.11 The changing balance between tangible and intangible risks2
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14.12 Shareholder activism2
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15.1 More trends and future developments for risk management11
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15.2 Complex and connected risks11
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15.3 Changing knowledge and skills16
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15.4 Changing knowledge and skills10
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15.5 Digital transformation14
