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1 Foundations of Governance, Risk, Compliance, and Change Online Quiz Questions

Use this free practice quiz with 20 questions to review 1 Foundations of Governance, Risk, Compliance, and Change, test your knowledge, and prepare for your next test or exam.

20 questions
01
Choose one
1 point

Which set of responsibilities best describes governance in an organization?

  1. A

    Direction, decision rights, oversight, and accountability

  2. B

    Daily operation of all controls by internal audit

  3. C

    A guarantee that organizational objectives will be achieved

  4. D

    A replacement for management’s operational responsibilities

02
True or false
1 point

Risk management considers both threats and opportunities that could affect an organization’s objectives.

  1. A

    True

  2. B

    False

03
Choose one
1 point

An organization is reviewing what compliance means across its activities. Which description is most accurate?

  1. A

    Following only the organization’s internal policies

  2. B

    Meeting applicable legal, regulatory, contractual, and internal requirements

  3. C

    Avoiding every risk that could affect organizational objectives

  4. D

    Approving all significant organizational changes

04
Written response
1 point

Which organizational role translates the governing body’s direction into plans and operations?

05
Choose all
1 point

A leadership team is scanning the external environment to decide whether objectives, risk assessments, or plans may need updating. Select all factors that are relevant external conditions to consider.

  1. A

    Changes in laws and regulations

  2. B

    The personal preferences of one manager when unrelated to organizational conditions

  3. C

    Customer expectations and market conditions

  4. D

    The organization’s internal reporting format, considered in isolation

  5. E

    Technology and supplier conditions

06
True or false
1 point

Internal audit should take over management’s responsibility for running the organization so that it can provide independent assurance.

  1. A

    True

  2. B

    False

07
Choose one
1 point

A team is starting a disciplined change process. What should it do first to provide a basis for later decisions and evaluation?

  1. A

    Train affected employees before deciding what the change should achieve

  2. B

    Approve the change before assessing its purpose or expected results

  3. C

    Define the objective and rationale, including how success will be measured

  4. D

    Begin implementation and determine the rationale afterward

08
Written response
1 point

Which function may independently assess whether governance and controls are working as intended, without taking over management’s responsibilities?

09
Choose all
1 point

An organization plans to move payroll to a cloud-based provider. Select all statements that correctly connect the relevant practices to this change.

  1. A

    Governance clarifies who may approve the change and what outcomes matter

  2. B

    Internal audit takes responsibility for evaluating and operating the vendor’s payroll process

  3. C

    Risk assessment considers service disruption and data security

  4. D

    Compliance specialists identify applicable privacy, employment, tax, and recordkeeping obligations

  5. E

    Change management can be considered complete as soon as the provider contract is signed

10
Choose one
1 point

Before approving a significant operational change, a team is assessing its impacts and risks. Which approach best matches a disciplined change process?

  1. A

    Consider only whether the new system meets technical specifications

  2. B

    Assess impacts on processes, people, systems, suppliers, information, controls, and compliance obligations

  3. C

    Wait until after launch to identify which people or controls are affected

  4. D

    Assess impacts only if the change is driven by a new law

11
Open ended
1 point

An organization is moving payroll to a cloud-based provider. Explain how governance, risk management, compliance, and change management should work together across the transition. Include the distinct contribution of each practice and at least one way they should coordinate.

12
Choose one
1 point

An organization is clarifying who should approve its overall direction and oversee whether management pursues its objectives responsibly. Which role is best suited to do this?

  1. A

    The internal audit function

  2. B

    The governing body

  3. C

    Operational teams

  4. D

    Risk and compliance specialists

13
Choose one
1 point

A team wants risk management to inform its decisions rather than become a separate reporting exercise. Which approach best supports that goal?

  1. A

    List only events that could cause losses and file the list separately from planning.

  2. B

    Wait until uncertainty has affected results before assigning responsibility.

  3. C

    Assess threats and opportunities, select responses, assign responsibility, and monitor results.

  4. D

    Transfer all uncertainty to a specialist function so operational teams need not consider it.

14
Choose one
1 point

A company operates in several jurisdictions and is reviewing its compliance responsibilities. Which approach best reflects how applicable obligations should be determined?

  1. A

    Determine which legal, regulatory, contractual, and internal requirements apply to the organization and its activities.

  2. B

    Apply the same fixed list of legal requirements to every organization, regardless of where or how it operates.

  3. C

    Focus only on internal policies because external requirements are handled by governing bodies.

  4. D

    Treat compliance as complete once requirements have been identified, without assigning responsibilities or monitoring performance.

15
Choose one
1 point

A department is introducing a new process that changes how employees perform daily tasks. Which action best supports adoption during implementation?

  1. A

    Keep the rationale confidential until employees have already adopted the new process.

  2. B

    Focus on technical implementation and leave affected people to work out the new arrangements.

  3. C

    Provide training only after checking that the change has met its objectives.

  4. D

    Explain what is changing and why, then provide training, guidance, and support.

16
True or false
1 point

True or false: Internal audit should take over management’s responsibility for running the organization so that its assurance is independent.

  1. A

    True

  2. B

    False

17
Written response
1 point

What system helps an organization identify its obligations, assign responsibilities, communicate expectations, monitor performance, address problems, and improve?

18
Written response
1 point

In the accountability model, which role category provides expertise, support, monitoring, and constructive challenge to operational teams?

19
Fill in the blank
1 point

After a manufacturer assigns an owner and response to a potential production interruption, what two follow-up actions should be built into the process? The team should and results.

20
Fill in the blank
1 point

After a new process is implemented, a team checks whether it achieved its objective, whether controls and compliance remain effective, and whether further action is needed. Which change-process stage is the team carrying out?