accaspaceaccaspace.com/upload/acca_p1/practice/p1_practice_for... · 2016-01-01 · accaspace...

ACCAspace

Provided by ACCA Research Institute ACCA课程研究学院

ACCA P1 习题详解 Governance, Risk and Ethics (GRE)

公司治理，风险和职业道德第十二讲

ACCA Lecturer: Jerry Lin

Copyright © ACCAspace.com ACCAspace 中国ACCA特许公认会计师教育平台 2

Syllabus

Governance and responsibility(A)

Internal Control and

Review (B)

Identifying, assessing and

controlling risk(C and D)

Professional values and ethics(E)


Part C and D Identifying, assessing and controlling

risk

1.Risk management

2.Risk appetite

3.Strategic risks

4.Risk audit

5.Risk committee

6.Risk assessment

Syllabus


Required

(a)(i) Describe the roles of a risk manager. (4 marks)

(c) (i) Define 'entrepreneurial risk' and explain why it is

important to accept entrepreneurial risk in business

organisations. (4 marks)

(ii) Critically evaluate Jane Xylene's view of risk

management. (7 marks)

H&Z (6/09) P47


John Pentanol was appointed as risk manager at H&Z

Company a year ago and he decided that his first task was to

examine the risks that faced the company. He concluded that

the company faced three major risks, which he assessed by

examining the impact that would occur if the risk were to

materialise. He assessed Risk 1 as being of low potential

impact as even if it materialised it would have little effect on

the company's strategy. Risk 2 was assessed as being of

medium potential impact whilst a third risk, Risk 3, was

assessed as being of very high potential impact.

H&Z (6/09) P47


When John realised the potential impact of Risk 3 materialising,

he issued urgent advice to the board to withdraw from the

activity that gave rise to Risk 3 being incurred. In the advice he

said that the impact of Risk 3 was potentially enormous and it

would be irresponsible for H&Z to continue to bear that risk.

The company commercial director, Jane Xylene, said that John

Pentanol and his job at H&Z were unnecessary and that risk

management was 'very expensive for the benefits achieved'.

She said that all risk managers do is to tell people what can't be

done and that they are pessimists by nature.

H&Z (6/09) P47


She said she wanted to see entrepreneurial risk takers in H&Z

and not risk managers who, she believed, tended to

discourage enterprise.John replied that it was his job to

eliminate all of the highest risks at H&Z Company. He said that

all risk was badand needed to be eliminated if possible. If it

couldn't be eliminated, he said that it should be minimised.

The risk manager has an important role to play in an

organisation's risk management.

H&Z (6/09) P47


Required

(a)(i) Describe the roles of a risk manager. (4 marks)

(c) (i) Define 'entrepreneurial risk' and explain why it is

important to accept entrepreneurial risk in business

organisations. (4 marks)



Answer


(a)(i) Describe the roles of a risk manager.

(4 marks)

1.看题目分值，确定答案分点数目和答案长短

2.明确题目要求，给定答案模板

3.小标题作答

Answer


1.Establishing a RM framework

The framework should cover all aspects of risk across

the organisation, integrating enterprise risk

management with other business planning and

management activities and framing authority and

accountability for enterprise risk management in

business units.

Answer


2.Promoting enterprise risk management

competence

This includes training managers and staff to help them

develop risk management expertise and, helping

managers align risk responses with the entity's risk

tolerances.

Answer


3.Dealing with insurance companies

The risk manager needs to deal carefully with

insurers because of increased premium costs,

restrictions in the cover available (will the risks be

excluded from cover) and the need for negotiations

if claims arise. If insurers require it, the risk

manager needs to demonstrate that the

organisation is actively taking steps to manage its

risks.

Answer


4.Risk reporting

The risk manager is responsible for implementing

risk indicators and reports, including losses and

incidents, key risk exposures, and early warning

indicators. He should facilitate reporting by

operational managers, including quantitative and

qualitative thresholds, and monitor this reporting

process.

Answer


(c) (i) Define 'entrepreneurial risk' and explain why it

is important to accept entrepreneurial risk in

businessorganisations. (4 marks)



3.小标题作答

Answer


(c) (i) Entrepreneurial risks

Entrepreneurial risks are the risks that arise from

carrying out business activities, for example the

risks of a major investment failing to deliver

required returns or profits being lessened by

competitor's activities.

Answer


Acceptance of entrepreneurial risks

Few if, any, business activities are risk free. For

example in all business situations other than a

monopoly, the business will face risks arising from

competition. A business can only earn these returns if

it takes risks.

Answer






3.小标题作答

Answer


point made in the case for Jane Xylene's view

1.Benefits vs costs

Jane correctly identifies the needs to balance the

benefits of risk management against costs.

Expenditure on over-elaborate risk management

systems may not be warranted by the losses they

prevent or the disruption to operating activities that

they cause.

Answer


2.Opportunity costs

Jane also correctly identifies the problems with

taking a completely pessimistic view of risk, treating

all risks as pure risks with only negative

consequences. Speculative risks, the risks relating

to doing business are risks from which good or

harm may result. The upside of these risks needs to

be taken into account when managers decide how

to deal with them.

Answer


3.STOP errors

Jane's views also reflect the existence of STOP

errors, of the adverse consequences of failing to

take an opportunity that should have been pursued.

Answer


point made in the case against Jane Xylene's

view

1.Lack of understanding

However Jane does not appear to understand the

benefits of risk management and why corporate

governance guidance insists that listed companies

have appropriate risk management structures in

place.

Answer


2.Risk management strategies

Jane incorrectly views risk avoidance and the

forbidding of activities as the only strategies

recommended by risk managers. Risk managers

can recommend risk reduction strategies that will

increase the chances of commercial success, for

example piloting a new product to a small audience

before it is launched.

Answer


3.Risk-return relationship

Jane seems to be operating at the other extreme to

John, and as such has an equally flawed view of

the risk-return relationship. Shareholders may

require risks to be taken so that they can achieve

an adequate return, but they will also judge some

risks to be too high for the potential returns from

taking them. Jane does not appear to recognise any

limits to H&Z's risk appetite.

Answer


(a) (i) 1 mark for evidence of understanding in each

type of role

(0.5 marks for identification and 0.5 for description)

Max 4

评分标准


(c) (i) Definition 2

Explanation of its importance 2

(ii) 1 mark for each relevant point made in the

case for Jane Xylene's view

Max 4

1 mark for each relevant point made in the case

against Jane Xylene's view

Max 4

Max 7

评分标准

ACCAspace

accaspaceaccaspace.com/upload/acca_p1/practice/p1_practice_for... · 2016-01-01 · accaspace...

Documents