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OCEG GRC Professional Certification Exam Sample Questions (Q101-Q106):
NEW QUESTION # 101
What is the term used to describe a measure that estimates the consequence of an event?
- A. Likelihood
- B. Consequence
- C. Impact
- D. Cause
Answer: C
Explanation:
The termimpactrefers to the severity or magnitude of the consequences of an event if it occurs. It is a key metric in risk analysis, used alongside likelihood to determine overall risk.
Key Points About Impact:
* Definition: Impact measures the potential effect of an event on organizational objectives, such as financial losses, reputational harm, or operational disruptions.
* Role in Risk Assessment:
* Impact is evaluated to understand the significance of a risk.
* Frameworks likeCOSO ERMrecommend assessing impact in terms of quantitative and qualitative outcomes.
* Examples:
* Financial loss due to a data breach.
* Customer dissatisfaction caused by product delays.
Why Option A is Correct:
Impact specifically estimates the consequences of an event, making it the correct answer.
Why the Other Options Are Incorrect:
* B. Consequence: While consequence describes the outcome, impact specifically quantifies or qualifies its severity.
* C. Likelihood: Likelihood measures probability, not consequences.
* D. Cause: Cause identifies why an event happens, not its effects.
References and Resources:
* COSO ERM Framework- Emphasizes impact analysis in enterprise risk management.
* ISO 31000:2018- Provides guidelines for impact assessment.
NEW QUESTION # 102
What are some examples of legal and regulatory factors that may influence an organization's external context?
- A. How the organization's legal department and outside legal counsel coordinate activities
- B. Market research, customer feedback, and competitive analysis
- C. Enforcement actions and litigation against the company
- D. Laws, rules, regulations, litigation, and judicial or administrative opinions
Answer: D
NEW QUESTION # 103
Why is it necessary to provide timely disclosures about the resolution of issues to relevant stakeholders?
- A. To meet legal requirements and provide confidence to stakeholders about the process.
- B. To escalate incidents for investigation and identify them as in-house or external.
- C. To compound and accelerate the impact of favorable events.
- D. To ensure protection of anonymity and non-retaliation for reporters.
Answer: A
NEW QUESTION # 104
In the GRC Capability Model, what is the primary focus of the REVIEW component?
- A. Implementing new policies and procedures to enhance organizational performance
- B. Continuously improving total performance by monitoring actions and controls and providing assurance about priority objectives, opportunities, obstacles, and obligations
- C. Exclusively focusing on monitoring actions and controls without providing assurance
- D. Conducting audits and inspections to identify non-compliance issues
Answer: B
Explanation:
In theGRC Capability Model, theREVIEWcomponent is designed to ensure continuous improvement and accountability by monitoring, evaluating, and assuring the effectiveness of actions, controls, and strategies.
This component ensures that the organization stays on track to achieve its objectives while addressing risks and obligations.
Key Objectives of the REVIEW Component:
* Monitoring Actions and Controls:
* Ensures that implemented controls and actions are functioning as intended to manage risks and seize opportunities.
* Providing Assurance:
* The REVIEW component validates that the organization's actions align with its objectives, policies, and obligations, often through internal audits or performance evaluations.
* Continuous Improvement:
* By analyzing the effectiveness of controls, the REVIEW component identifies areas for improvement and ensures the organization adapts to changing circumstances.
* Holistic Focus:
* Unlike a narrow focus on compliance or monitoring, the REVIEW component evaluates total performance, encompassing objectives, risks, and obligations.
Why Option B is Correct:
The REVIEW component focuses oncontinuous improvementbymonitoring actions and controlsand providingassurancethat objectives, opportunities, risks, and obligations are being managed effectively, making it the most comprehensive answer.
Why the Other Options Are Incorrect:
* A. Implementing new policies and procedures: Implementation is part of the Perform component, not the REVIEW component.
* C. Exclusively focusing on monitoring: While monitoring is part of the REVIEW component, it also includes assurance and continuous improvement, making this option incomplete.
* D. Conducting audits and inspections: Audits are a subset of assurance activities, but the REVIEW component goes beyond audits to ensure total performance improvement.
References and Resources:
* OCEG GRC Capability Model- Provides guidance on the REVIEW component's role in monitoring and assurance.
* COSO ERM Framework- Highlights the importance of monitoring and continuous improvement.
* ISO 31000:2018- Discusses evaluating risk management performance as part of an ongoing review process.
NEW QUESTION # 105
How can an organization evaluate the adequacy of current levels of residual risk/reward and compliance?
- A. The organization can use analysis criteria to evaluate the adequacy of current levels and determine if additional analysis is required.
- B. The organization can evaluate adequacy by looking at the number of lawsuits and enforcement actions.
- C. The organization can evaluate adequacy by removing controls and seeing if the levels change.
- D. The organization can evaluate adequacy by hiring an outside auditor to make an assessment.
Answer: A
Explanation:
Organizations evaluate the adequacy ofresidual risk/reward and complianceby applying structuredanalysis criteriato determine whether current levels align with their objectives and risk appetite.
* Analysis Criteria:
* Specific benchmarks or standards are used to measure whether residual risks and compliance efforts meet organizational expectations.
* Criteria are based on factors like likelihood, impact, regulatory requirements, and strategic goals.
* Process:
* Evaluate current levels using established criteria.
* Identify gaps and determine if further analysis or additional controls are required.
* Why Other Options Are Incorrect:
* A: Lawsuits and enforcement actions are outcomes, not methods of evaluating adequacy.
* C: Removing controls introduces risks and is not a recommended evaluation method.
* D: While external auditors provide insights, adequacy evaluation starts internally with analysis criteria.
References:
* COSO ERM Framework: Provides guidance on evaluating residual risk and compliance adequacy.
* ISO 31000 (Risk Management): Recommends using criteria to assess and refine risk management practices.
NEW QUESTION # 106
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