Question

Which of the following are typically governance responsibilities of senior management?

Select one:
a. Delegating risk tolerance levels to risk managers.
b. Monitoring day-to-day performance of specific risk management activities.
c. Establishing a governance committee of the board.
d. Ensuring that sufficient information is gathered to support reporting to the board.
e. All of the above
f. A and B only
g. A and D

Answer 1

The governance responsibilities of senior management typically include delegating risk tolerance levels to risk managers, monitoring day-to-day performance of specific risk management activities, and ensuring that sufficient information is gathered to support reporting to the board.

Step-by-step explanation:

The governance responsibilities of senior management typically include:

1. Delegating risk tolerance levels to risk managers: Senior management is responsible for setting the risk tolerance levels for the organization, and delegating this responsibility to risk managers who can effectively manage and monitor risks.
2. Monitoring day-to-day performance of specific risk management activities: Senior management has the responsibility to oversee and monitor the performance of risk management activities on a day-to-day basis to ensure they are implemented effectively.
3. Ensuring that sufficient information is gathered to support reporting to the board: It is the responsibility of senior management to gather and provide the necessary information to support reporting to the board, ensuring transparency and accountability.