Question

1. Discuss the concept of risk transfer as a risk treatment option and develop examples of two alternative possible risk transfer mechanisms that Bubbles PLC could consider for transferring strategic, operational, change and unforeseeable risks.(20 Marks)
2. Outline how the following levels of institutional management use the COSO framework;
   1. Directors [2 Marks]
   2. Senior Management [2 Marks]
   3. Managers and other entity personnel [2 Marks]
   4. Internal Auditors [2 Marks]

3. Are there other standards and frameworks in existence and, if so, what do they promulgate and how does the COSO Enterprise Risk Management Integrated Framework relate to them? [7 Marks]