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KCM and DOA Training 2
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Access the
Key Controls Matrix
KCM Test
1) What is the primary purpose of the Key Controls Matrix (KCM)?
A) To document employee performance reviews.
B) To outline the company's budgeting process.
C) To define mandatory controls for efficient and compliant business operations.
D) To track the inventory levels of the company.
2) What does 'Delegation of Authority' (DOA) mean in an organizational context?
A) A process to delegate daily tasks to employees.
B) A document outlining decision-making power and authority levels within the organization.
C) A training program for new managers.
D) A list of employees and their job descriptions.
3) Which are the three documents typically involved in a three-way match in finance?
A) Invoice, Purchase Order, Receipt
B) Invoice, Delivery Note, Warranty Card
C) Purchase Order, Warranty Card, Receipt
D) Delivery Note, Purchase Order, Invoice
4) What is segregation of duties?
A) Dividing responsibilities among different employees to reduce risk of error or fraud.
B) Separating employee duties based on seniority and department.
C) Distributing equal workload among employees to ensure efficiency.
D) Organizing different business units to operate independently.
5) John, Project Manager, has received a salary increase request from Juan, one of his crew, who is struggling to make ends meet following a recent divorce. Moved by Juan’s difficult situation, John offers Juan a 10% salary increase, knowing that the project has performed better than expected in other areas. Is John’s decision aligned with the KCM and DOA
A) John has demonstrated excellent leadership since he is helping a member of the crew while making it cost neutral to the business.
B) John, after assessing if Juan’s salary is aligned with the market, should have made the case and escalate the off-cycle salary increase request to his manager so it can be escalated for approval by the CEO, CFO and VP HR
C) John is in the right, 10% is within acceptable increases in an inflationary economy
D) John is in the right, he just need to make sure he communicates the increase with payroll so it is reflected in Juan’s next paycheck
6 What is a Business Continuity Plan (BCP)?
A) A strategic plan outlining a business's marketing and sales goals for the next five years.
B) A document detailing a company’s procedures for maintaining operations during unplanned disruptions.
C) An annual financial statement required for tax purposes.
D) A training program for new employees to adapt to the company culture.
7) Gregg, Business Development Manager, has had a very successful presentation with a customer he’s been working on for months, and they are inviting him to sign a contract by which several companies of the Group will be providing services to the customer for several million dollars over the next three years. Excited about getting the deal inked and bring revenue to the business, he signs the contract. Has Gregg acted in alignment with the KCM and DOA?
A) Absolutely, he has been able to bring millions of revenue in a single meeting. That impressive salesmanship should be rewarded with a significant commission and maybe even a promotion.
B) Yes. While he might be a little bit rushed, it is important to bring the revenue and profit. If there are any potential issues, Legal and Finance can deal with it.
C) No, not only Gregg has not been granted the authority to sign contracts of that value on behalf of the company, but also finance, legal and the Executive Team has not had the chance to review and therefore approve the transactions.
D) Absolutely yes, Gregg’s entrepreneurial spirit and results driven attitude are an inspiration to any business developer professional
8) Lucas, Project Manager, is walking a project with the customer, who is inspecting its progress. Lucas is new to the company and wants to prove himself as a competent and reliable person, so when the customer points out the electrical installation not being up to specification, he decides to keep it to himself, calls the electrical subcontractor to get the issue fixed, immediately, albeit with an unbudgeted cost. Is Lucas acting in alignment with the KCM and DOA?
A) Yes, he is being proactive in fixing a quality problem. Keeping customers happy is the most important part of his job.
B) No, Lucas should have reviewed the technical documentation of the project and checked if the electrical installation was as per the contract with the customer before taking any action, and should have discussed the findings and course of action with his manager, the RVP.
C) Yes, as obviously the work from the electrical contractor was not up to specifications and the situation required immediate corrective qaction.
D) Yes, it is important to always follow the customer requests to ensure there are no billing and collections issues.
9) Gary, IWS project manager, plans to start a major concrete pour for his already delayed project. Previous vendors caused delays and quality issues, and the deadline is near. He spoke to former manager Brian, who recommended a reliable vendor that would be available tomorrow. The vendor requires advance payment and agreement to their Terms & Conditions. Gary, pleased with this solution, quickly arranged for payment and agreed to the terms. Is this in line with KCM and DOA requirements?
A) No, as he has not obtained approval for the payment in advance and he has signed and agreed to T&Cs that have not been reviewed by Legal.
B) Yes, he has managed to secure a vendor to overcome a bottleneck in the project and the payment in advance and the legal risk seems a very reasonable trade-off .
C) Yes, as Brian has many years of experience in the industry and he has been a sound and reliable mentor and advisor to Gary.
D) Yes, while he has not escalated for approval, he knows that requesting payment in advance is more and more common these days, and the legal language in the vendor’s T&Cs seemed reasonable after a quick read.
10) How will compliance with KCM and DOA be monitored.
A) An Internal audit team will be recruited and will perform audits based on a risk management approach.
B) There won’t be any compliance monitoring, as we are a small business and it is not required.
C) KPMG will be hired as outsourced internal audit team to monitor compliance.
D) Compliance will be managed by exception.
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