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CS (Company Secretary) Governance, Risk Management, Compliance and Ethics Flashcards
52 question-and-answer cards covering Governance, Risk Management, Compliance and Ethics as it is examined in CS (Company Secretary). 24 of them are printed below, taken from across the deck — no signup, no paywall on the preview.
24 sample cards from the Governance, Risk Management, Compliance and Ethics deck
Sampled from the end of the deck, so these are different cards from the ones shown on the syllabus page.
How is the expected value of a risk commonly calculated?
Risk Exposure (Expected Loss) = Probability of occurrence x Impact (monetary value of loss).
What is a Key Risk Indicator (KRI)?
A metric used to provide an early warning signal of increasing risk exposure in various areas of an organisation.
What is a risk register?
A document that records identified risks, their assessment (likelihood/impact), owners, mitigation/control measures and current status.
What is the definition of internal control?
A process effected by an entity's board, management and personnel, designed to provide reasonable assurance regarding achievement of objectives in operations, reporting and compliance.
Name the five components of the COSO Internal Control - Integrated Framework.
Control Environment, Risk Assessment, Control Activities, Information & Communication, and Monitoring Activities.
What is the difference between preventive, detective and corrective controls?
Preventive controls stop errors/fraud before they occur (e.g., authorisation); detective controls identify problems after occurrence (e.g., reconciliations); corrective controls fix/remedy identified issues (e.g., backups, disciplinary action).
What is segregation of duties (SoD)?
An internal control dividing responsibilities for authorisation, custody, recording and reconciliation among different people to reduce the risk of error and fraud.
Under the Companies Act 2013, what is the requirement for Internal Financial Controls (IFC)?
The board's report of every company must state that directors have laid down internal financial controls and that such controls are adequate and operating effectively (Section 134); auditors must report on IFC over financial reporting for applicable companies.
What is the difference between a compliance framework and a governance framework?
A governance framework defines how an organisation is directed and controlled (decision rights, accountability); a compliance framework is the structure for ensuring adherence to laws, regulations, standards and internal policies.
What is a Compliance Management System (CMS)?
A structured set of policies, procedures, controls, training, monitoring and reporting mechanisms an organisation uses to identify and meet its legal and regulatory obligations.
In India, what is the role of the Secretarial Audit under Section 204 of the Companies Act 2013?
A mandatory audit by a Practising Company Secretary (for prescribed companies) in Form MR-3 checking compliance with applicable laws and regulations, ensuring legal and procedural compliance.
What is the difference between a regulation, a standard and a policy?
A regulation is a legally enforceable government rule; a standard is an agreed benchmark/specification (often voluntary, e.g., ISO); a policy is an internal organisational directive guiding behaviour and decisions.
What is RegTech?
Regulatory Technology - the use of technology (AI, automation, analytics) to help organisations comply with regulations efficiently and at lower cost, e.g., automated compliance monitoring and reporting.
What is GRC software used for?
To integrate Governance, Risk and Compliance activities on a single platform - centralising policy management, risk registers, control testing, audit, and regulatory reporting.
How can technologies like AI and blockchain enhance compliance?
AI enables real-time transaction monitoring, anomaly/fraud detection and automated KYC/AML; blockchain provides immutable, transparent audit trails and tamper-proof records.
What governance disclosures must a listed company's annual report contain in India?
A Corporate Governance Report (under SEBI LODR Schedule V), Management Discussion & Analysis, Board's Report, and for top companies the BRSR - covering board composition, committees, remuneration, and compliance.
What is integrated reporting <IR>?
A reporting framework (by the IIRC/IFRS Foundation) that combines financial and non-financial (ESG) information to show how an organisation creates value over time across six capitals.
What is business ethics?
The application of moral principles and standards to business behaviour - the study of what is right and wrong conduct in a commercial context.
Distinguish between deontological and teleological (consequentialist) ethics.
Deontological ethics judges actions by adherence to rules/duties regardless of outcome; teleological/consequentialist ethics judges actions by their consequences/outcomes (e.g., utilitarianism - the greatest good for the greatest number).
What is a code of ethics/conduct, and who must it cover under SEBI LODR?
A formal statement of an organisation's values and standards of behaviour; under SEBI LODR, listed companies must adopt a code of conduct for all board members and senior management, with annual affirmation of compliance.
What is a whistleblower / vigil mechanism, and is it mandatory in India?
A mechanism enabling employees/directors to report unethical behaviour, fraud or violations confidentially; under Section 177 of the Companies Act 2013 and SEBI LODR, listed and certain companies must establish a vigil mechanism with safeguards against victimisation.
What does the ICSI Code of Conduct require of a Company Secretary regarding professional standards?
Adherence to integrity, objectivity, professional competence, confidentiality, due care and professional behaviour - violations constitute professional/other misconduct under the Company Secretaries Act, 1980.
What is the difference between bribery and a facilitation payment?
Bribery is offering/giving/receiving something of value to improperly influence a decision; a facilitation payment is a small payment to speed up a routine government action - both are generally prohibited under strict anti-corruption laws like the UK Bribery Act and India's Prevention of Corruption Act.
Which Indian law is the principal anti-corruption statute, and what does it cover?
The Prevention of Corruption Act, 1988 (amended 2018) - it criminalises bribery of public servants, covers both bribe-givers and bribe-takers, and includes corporate liability for failure to prevent bribery.
What this deck covers
The Governance, Risk Management, Compliance and Ethics deck follows the CS (Company Secretary) Governance, Risk Management, Compliance and Ethics syllabus — 4 chapters and 12 topics — so questions land on material that is genuinely examinable rather than trivia around it. That works out to roughly 13.0 cards per chapter.
Answers are written to be recallable, not just readable — averaging about 194 characters, which is long enough to carry the reasoning and short enough to say out loud.
A deck like this earns its keep on the second and third pass. Read the syllabus first so you know the shape of the subject, then use the cards to find the specific facts that have not stuck.
Governance, Risk Management, Compliance and Ethics flashcards FAQ
How many Governance, Risk Management, Compliance and Ethics flashcards are in this CS (Company Secretary) deck?
52 cards. This page previews 24 of them, sampled evenly across the deck so you can judge the difficulty before installing anything.
Are these CS (Company Secretary) flashcards free?
Yes. The preview here is free to read with no signup, and the full 52-card deck is free inside the Examius app.
What do the Governance, Risk Management, Compliance and Ethics cards cover?
They follow the CS (Company Secretary) Governance, Risk Management, Compliance and Ethics syllabus — 4 chapters and 12 topics — so the questions track what is actually examinable.
How should I use these flashcards?
Read the syllabus first so you know the shape of the subject, then drill the deck. Examius schedules each card with spaced repetition, so cards you keep missing come back sooner and ones you know drift further apart.