L5M5 LATEST MATERIALS & LATEST L5M5 EXAMPREP

L5M5 Latest Materials & Latest L5M5 Examprep

L5M5 Latest Materials & Latest L5M5 Examprep

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CIPS Managing Ethical Procurement and Supply (L5M5) Sample Questions (Q79-Q84):

NEW QUESTION # 79
ABC Group, the country's largest textile company, is considering partnering with a Fair Trade-certified supplier to support sustainability and ethical practices. However, they are concerned about potential challenges in working with a Fair Trade organization. Which TWO of the following challenges might ABC Group face in this partnership?

  • A. The product prices from Fair Trade suppliers are often significantly lower than conventional suppliers, making it hard to remain competitive
  • B. Improved stakeholder perception of the brand, which can lead to reputational benefits
  • C. Fair Trade standards may require investments in audits supported by self-assessment reports and office reviews adding costs to the business
  • D. The Fair Trade certification process may require complex audits, and if there is a longer period between audits, activities could change and will no longer be compliant
  • E. There are no real challenges, as all Fair Trade products are guaranteed to be competitive and cost-efficient

Answer: C,D

Explanation:
Choice A- Obtaining Fair Trade certification often involves a thorough and detailed audit process, which demonstrates a company's positon at a period of time. If there is a longer period between audits, there is a chance that activities and processes could change within business and they will no longer be compliant with a fair trade organisation.
Choice C- This is correct. Fair Trade standards accreditation come at a cost and four yearly independent audits supported by self assessment reports and office reviews take time and resources.
Incorrect answer:
Choice B- This is incorrect. While Fair Trade products aim to provide ethical and sustainable options, they can come with challenges such as higher costs and longer certification processes.
Choice D- This is incorrect. Fair Trade products typically come with higher prices due to ethical production costs and fair wages. These prices are often higher, not lower, than those from conventional suppliers.
Choice E- This is a benefit of associating with a fair trade organisation and not a challenge.
Reference:
LO-3.3; Page 297-298; The World Fair Trade Organization (WFTO) and its principles and Charter of Fair Trade and implications for procurement and supply


NEW QUESTION # 80
Social security is recognized internationally as a fundamental human right. When sourcing from developing countries, procurement professionals must be mindful of the limited social support available to low-income workers, as neglecting this issue could harm their organization's reputation. Which of the following is NOT a step toward expanding social security coverage for more people in developing countries?

  • A. Separate social security benefits from a person's employment status
  • B. Increase costs of formal sector benefits
  • C. Increase costs of informal economy benefits
  • D. Improve tax collection to finance the extension

Answer: B

Explanation:

Therefore Choice D is a not a way in which social security can be extended as we need to reduce costs of formal sector benefits. Reference: LO-1.3; Page 94; Wages and social security arrangements


NEW QUESTION # 81
Which of the following form the 'Triple Bottom Line'? Select THREE

  • A. planet
  • B. placement
  • C. people
  • D. profit
  • E. product

Answer: A,C,D

Explanation:
People, Planet and Profit are the 'triple bottom line' - see p.3 of the study guide. This is also known as the 3Ps


NEW QUESTION # 82
Which framework is designed to promote ethical labor practices and social responsibility in global supply chains, addressing issues such as worker rights, health and safety, and fair wages?

  • A. SA8000
  • B. ETI (Ethical Trading Initiative)
  • C. WIETA (Wine and Agricultural Ethical Trading Alliance)
  • D. OECD (Organization for Economic Co-operation and Development)

Answer: B

Explanation:
Option A- The Ethical Trading Initiative (ETI) is a UK-based organization that works to improve the working conditions in global supply chains by promoting ethical labor practices. It provides guidelines and a platform for businesses to commit to ensuring workers' rights are upheld, including fair wages, safe working conditions, and the elimination of child labor and forced labor.
Incorrect answer:
Option B- While WIETA (Wine and Agricultural Ethical Trading Alliance) focuses on improving conditions within the South African wine industry, it is more specific to that sector and geography.
Option C- SA8000 is a certification standard for social accountability that focuses on labor rights but is not a framework or initiative aimed at ethical trading across industries.
Option D- The OECD (Organization for Economic Co-operation and Development) provides guidelines on responsible business conduct, but it is broader in scope and not solely focused on labor practices within supply chains.
Reference:
LO-3.1; Page 260-262; Labor codes of conduct: Ethical Trading Initiative (ETI) and Social Accountability International's standard SA8000


NEW QUESTION # 83
Ahmed Electronics is conducting an audit to assess its compliance with regulatory requirements, security protocols, and risk management policies. What type of audit does this represent?

  • A. external audit
  • B. compliance audit
  • C. 3rd party audit
  • D. benchmarking audit

Answer: B

Explanation:
Choice C - A compliance audit is a type of audit conducted to ensure that an organization adheres to regulatory guidelines, security policies, and risk management procedures. Its primary focus is on verifying conformity with external regulations, internal policies, and standards. This is the correct answer.
Incorrect answer:
Choice A - Focuses on financial statements and is usually conducted by an independent body for external stakeholders.
Choice B - Performed by an external organization to assess compliance with specific standards, often for certification purposes.
Choice D- Involves comparing an organization's performance or practices against industry standards or best practices, not necessarily focused on compliance.
Reference:
LO-2.3; Page 207-208; Sourcing third parties for auditing services


NEW QUESTION # 84
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