Exam (elaborations)
CTPRP Exam Questions with 100% Correct Answers | Latest Version (2024/2025) Expert Verified
- Course
- Institution
CTPRP Exam Questions with 100% Correct Answers | Latest Version (2024/2025) Expert Verified
[Show more]
Content preview
CTPRP Exam Questions with 100% CorrectAnswers | Latest Version (2024/2025) Expert
Verified
FullyidevelopediTPRMiProgramihasibecomeiaicriticalicomponentiofianio
rganizationsiapproachito....?i-iCorrectiAnswer-
EnterpriseiRiskiManagementi(ERM)
EnterpriseiRiskiManagementi(ERM)iriskifactorsi-iCorrectiAnswer-
strategicirisks,ifinancialirisks,ioperationalirisks,icomplianceirisk,iITiandiin
frastructureirisks,ireputationalirisks
GRCi-iCorrectiAnswer-Governance,iRisk,iandiCompliance
GRCiDefinitioni-iCorrectiAnswer-
Governance,iRisk,iandiCompliancei(GRC)iisitheiframeworkianditoolsisuc
hiasipolicies;iprocedures;iandicontrolsiandidecision-
makingihierarchy.iTheseiareiemployeditoimanageiriskiinitheiorganizatio
n.iGRCisystemsipartiallyiautomateiriskimanagementiprocesses,isuchiani
onboarding,iongoingioversight,icompliance,iincident/issueimanagemen
t,iandimaintenanceiofiTPiriskiregistersiandiinventories.
DefinitioniofiFrameworksi-iCorrectiAnswer-
Aiframeworkiisiflexibleiandiallowsiforiadaptation.iFrameworksioutlineiai
broadiperspectiveiofiinterlinkediitemsiiniaifieldiofipractice.
,DefinitioniofiStandardsi-iCorrectiAnswer-
AiStandardiisiclearlyidefined,irigid,iandiuniversallyiacceptediasitheibesti
methodiforiaddressingiaispecificitopic.iWithiniaistandard,ithereiisitypical
lyioneiacceptediwayiofiaccomplishingitheitask.
WithiniTPRM,iitiisicommoniforitechnologyicontrolsitoileveragei_____i,ia
ndiriskimanagementifunctionsitoileveragei____itoiframeitheirequiremen
tsi-iCorrectiAnswer-Standards;iFrameworks
Regulations,iStatutes,iandiLawsi-iCorrectiAnswer-
ManagingiComplianceiObligationsi-
iComplianceiobligationsicanibeidrivenibyistatutory,iregulatory,icontract
ual,ioriindustryirequirements.iWhileispecificiregulationsiareisectoralioric
ountryispecific,ithereiareimoreicommonalitiesiinihowiregulationsiareibei
ngishapedibyiinternational,ifederal,ioristate/provincialiregulatorsithatii
nfluenceiTPRM
IndustryiSectoriGuidancei-iCorrectiAnswer-
Industryisectorsithatiareimoreihighlyiregulatedihaveidesignatedigovern
mentaliagenciesiorifunctionsiresponsibleiforioversightiofiparticipantsiini
thatiindustry.iTheseientitiesipublishiguidanceithaticreatesirequirements
iandiobligationsiforibothiOutsourcersiandiSPsiwithinieachirespectiveiind
ustry.iINisomeisectors,ilikeifinancialiservicesiandihealthcare,ithereimayi
beiformalizediauditsioriexaminationsitoiassessicomplianceiforiTPiSPs.
,EstablishediRiskiCulture.iTheiFirstistepiisitoiensureithatirequirementsifor
irisk-
basedivendorimanagementiareicommunicateditoitheiorganization.iCons
ideritheifollowing:i-iCorrectiAnswer-Toneiatitheitop
Riskiposture
Riskitolerance
Riskimanagementimethodology
Acceptanceiprocessiandiexceptioniprocess
ComparingiVendoriManagementiandiVendoriRiskiManagementi-
iCorrectiAnswer-Theipoint-of-
viewionirolesiandiresponsibilitiesibetweenivendorimanagementiandiven
doririskimanagementiareioftenimisunderstood.iLet'silookiatibothitheisi
milaritiesiandidifferences.
VendoriManagementi-iCorrectiAnswer-
Inivendorimanagement,itheiviewpointiisioperations-
based.iTheiorganizationiwillifocusioniissuesioriserviceideliveryicomplaint
s.iThisiinvolvesicross-
functionaliresourcesitoicollaborateionidefiningirequirements,icontractit
ermsiandiprovisions,iandikeyimetricsithatidefineitheirelationship.
VendoriRiskiManagementi-iCorrectiAnswer-
Inivendoririskimanagement,itheiviewpointiisirisk-
based.iTheiorganizationiwillifocusionirisksiandithreats.iJustilikeiinivendor
imanagement,itheseiprocessesiinvolveicross-
, functionaliresourcesitoicollaborateionidefiningirequirements,icontractit
ermsiandiprovisions,iandikeyimetricsithatidefineitheirelationship.
Theiriskiassociatediwithianioutsourcediactivityitakesimanyiformsi-
iCorrectiAnswer-
Theseiincludeitheispecificirisksiassociatediwithioutsourcing,iincludingibu
tinotilimitedito,ifinancialistability,ifinancialicriminaliactivityimonitoring,i
reputational,iconcentration,ilegal,icountry,ioperational,itechnology,ian
disecurity.
Theiorganizationalifunctionithatiidentifiesitheineeditoioutsourceianiacti
vityishould......i-iCorrectiAnswer-
determineitheiinherentiriskiassociatediwithiperformingithatiactivity.iTh
eiinherentirisksiidentifiediwillithenidetermineitheitypeiandileveliofidueid
iligenceiandicontrolivalidationitoibeiperformeditoimitigateitheirisksiasso
ciatediwithitheiactivity.
TypesiofiRisksiiniThirdiPartyiRelationshipsi-iCorrectiAnswer-
RiskiiniThirdiPartyirelationshipsicanibeilookediatibasediuponiprocess,itec
hnology,ioriexternalifactors.iEachitypeiofiriskirequiresiprocessesifoririskii
dentification,iquantification,iprioritization,iandimitigation.iRiskiiniThirdi
Partyirelationshipsimayibeiviewediatitheiorganizationalilevelioriatiaiprod
uct/serviceilevel.iForiTPRMiprograms,itheifundamentalipoint-of-
viewiisitoievaluateitheiriskibasediuponitheifunctionithatihasibeenioutsou
rced.
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller professoraxel. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $17.99. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
79223 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now
