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    Question

    Which of the following statements about operational risk

    are correct? I. It is associated with internal company procedures, people, and systems. II. It includes risks of internal or external fraud and system breakdowns. III. It can be entirely eliminated through effective management.
    A Only I Correct Answer Incorrect Answer
    B Only I and II Correct Answer Incorrect Answer
    C Only II and III Correct Answer Incorrect Answer
    D Only III Correct Answer Incorrect Answer
    E I, II, and III Correct Answer Incorrect Answer

    Solution

    Operational risk is associated with internal company procedures, people, and systems and includes risks of internal or external fraud and system breakdowns. It cannot be entirely eliminated but can be managed.

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