00M-624 Question 13

00M-624 Question 13
According to the CRO Forum with regard to Operational Risk and Solvency II, “At the heart of operational risk management is a clear understanding of the operational risk events that may occur and the strength of the company’s processes and mitigation activities to prevent or respond to such events.

From the list below, what should an operational risk management system encompass?

A. Risk policy, Risk appetite, Risk tolerance, Risk identification, Risk assessment, Risk monitoring and Risk mitigation
B. Risk policy, Risk appetite, Risk scaling and Risk mitigation
C. Risk policy, Risk scripting, Risk tolerance, Risk identification, Risk Assessment, Risk monitoring and Risk mitigation
D. Risk policy, Risk predictions, Risk tolerance, Risk identification, Risk Assessment, Risk monitoring and Risk mitigation

Answer: A
Reference: http://webcache.googleusercontent.com/search?q=cache:CPdi6li3hJwJ:www.hms.co.il/download/get/cromay2009/84/+&cd=2&hl=en&ct=clnk (page 5, see the 3rd bullet, 4 sub bullets)