BICSI Exam RCDDv14 Topic 2 Question 44 Discussion

Actual exam question for BICSI's RCDDv14 exam

Question #: 44
Topic #: 2

A regional finance program is impacted by a new currency regulation issued by a country in the region. The new regulation requires changes to the financial statements of that country's branches by the end of the fiscal year Failing to comply with the regulation may result in fines and/or closure of the branches. A branch general manager immediately meets with the program manager to select and secure a local fiscal expert to support the regulation as these types of resources are in high demand. There is a high risk that the changes will not be completed on time if the resource is not secured

What should the program manager do to address the risk?

ABuild a coalition with local companies that can influence the government to renegotiate the imposed deadline

BCreate fine and closure scenarios to assess the impact on the program and create a contingency plan

CGenerate a delivery incentive contract with the selected fiscal expert to ensure on-time delivery of the revised financial statements

DAssess the risk incorporate it in the program's risk management plan and meet with the steering committee

Show Suggested Answer

Suggested Answer: A

by Brittani at Jun 28, 2024, 06:38 PM

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Marget

3 months ago

Option A sounds like the program manager is trying to pull a fast one on the government. Good luck getting them to renegotiate the deadline, they're probably counting on those fines to balance their budget!

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Caitlin

2 months ago

C: Maybe we should also consider creating a contingency plan just in case things don't go as planned.

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Michal

3 months ago

B: I agree, we need to be prepared for any potential fines or closures.

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Quinn

3 months ago

A: We should definitely assess the risk and incorporate it into our risk management plan.

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Iluminada

4 months ago

Option B might be the way to go. Knowing the potential impact of fines and closures will help the program manager make an informed decision. Plus, it's always good to have a contingency plan.

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Kristin

2 months ago

B) Create fine and closure scenarios to assess the impact on the program and create a contingency plan

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Broderick

2 months ago

C) Generate a delivery incentive contract with the selected fiscal expert to ensure on-time delivery of the revised financial statements

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Magnolia

3 months ago

D) Assess the risk incorporate it in the program's risk management plan and meet with the steering committee

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Owen

3 months ago

B) Create fine and closure scenarios to assess the impact on the program and create a contingency plan

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Adaline

4 months ago

I believe generating a delivery incentive contract with the fiscal expert would be crucial to ensure timely completion of the financial statements.

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Viva

4 months ago

Haha, the steering committee better have their calculators ready for this one. Option D sounds like a lot of paperwork and meetings, not my cup of tea.

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Angelica

2 months ago

C: Yeah, let's make sure we have a solid contingency plan in place.

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Dallas

3 months ago

B: I agree, we can't afford to take any chances with this new regulation.

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Gearldine

3 months ago

A: Let's go with option B, we need to be prepared for the worst-case scenario.

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Janey

3 months ago

A: Definitely, we need to stay on top of this to avoid any fines or closures.

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Virgie

3 months ago

B: I agree, we can't afford any delays with this new regulation in place.

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Izetta

4 months ago

A: Let's go with option C, that way we can make sure the expert delivers on time.

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Patti

4 months ago

Creating a contingency plan based on fine and closure scenarios could also help mitigate the risk.

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Leatha

4 months ago

I agree, Option C is the way to go. Providing a financial incentive is a smart move to motivate the expert and get the job done.

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Dana

3 months ago

Agreed, providing a financial incentive can help motivate the expert and reduce the risk of not meeting the deadline.

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Ben

4 months ago

I think we should go with Option C and offer a delivery incentive to ensure the expert completes the task on time.

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Novella

4 months ago

I agree, meeting with the steering committee would be a good idea to discuss the potential impact.

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Shawnta

4 months ago

Option C looks like the best choice to address the risk. A delivery incentive contract will ensure the fiscal expert meets the deadline and completes the required changes on time.

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Leslie

3 months ago

It's crucial to assess the risk and incorporate it into the risk management plan to ensure all potential outcomes are considered.

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Trinidad

4 months ago

Building a coalition with local companies could also be beneficial in influencing the government to extend the deadline.

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Margarett

4 months ago

I think it's important to also consider option B and create a contingency plan in case the changes are not completed on time.

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Twana

4 months ago

I agree, option C seems like the most practical solution to ensure the changes are completed on time.

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Carey

5 months ago

I think the program manager should assess the risk and incorporate it in the risk management plan.

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