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NEW QUESTION # 38
Why is it necessary to provide timely disclosures about the resolution of issues to relevant stakeholders?
Answer: D
Explanation:
Timely disclosures about the resolution of issues are necessary tocomply with legal requirementsand reassure stakeholdersthat the organization is effectively managing risks and issues.
* Purpose of Timely Disclosures:
* Compliance: Meet regulatory requirements for transparency and accountability.
* Stakeholder Confidence: Demonstrates the organization's commitment to addressing issues responsibly.
* Benefits:
* Builds trust with stakeholders, including employees, investors, and regulators.
* Reduces reputational risks associated with delayed or incomplete disclosures.
* Why Other Options Are Incorrect:
* A: Escalation is an internal process, not related to stakeholder disclosures.
* B: While anonymity is important, it is not the primary reason for disclosure.
* C: Disclosures do not accelerate favorable events; they address issue resolution.
References:
* ISO 37002 (Whistleblowing Management Systems): Discusses the importance of transparency in issue resolution.
* OCEG GRC Capability Model: Recommends timely disclosures for stakeholder confidence.
NEW QUESTION # 39
In the IACM, what is the role of Promote/Enable Actions & Controls?
Answer: B
Explanation:
Promote/Enable Actions & Controlsin theIACMfocus on creating conditions that foster positive outcomes and support the achievement of organizational objectives. These actions aim to increase the likelihood of favorable events by empowering employees, improving processes, and encouraging desirable behaviors.
Key Points About Promote/Enable Actions & Controls:
* Purpose:
* These actions are designed to enhance performance, innovation, and collaboration across the organization.
* Examples include leadership development programs, employee incentives, and knowledge- sharing platforms.
* Alignment with Organizational Objectives:
* Promote/Enable controls help align employee actions and behaviors with strategic goals, ensuring that favorable outcomes are achieved.
* Examples:
* Offering training programs to improve skills and increase employee performance.
* Establishing rewards programs to motivate employees.
Why Option A is Correct:
Promote/Enable Actions & Controls aim toincrease the likelihood of favorable events, aligning employees and processes with organizational objectives.
Why the Other Options Are Incorrect:
* B: While communication may support favorable outcomes, it is not the primary focus of Promote
/Enable actions.
* C: Setting performance metrics is part of governance or monitoring, not promotion or enablement.
* D: Mitigating security threats is a preventive or corrective action, not a Promote/Enable activity.
References and Resources:
* Balanced Scorecard Framework- Emphasizes enabling actions for strategic alignment.
* ISO 9001:2015- Promotes a culture of continual improvement and innovation.
NEW QUESTION # 40
In the LEARN component, what is the difference between external context and internal context?
Answer: B
Explanation:
In theLEARN component(used in governance, risk, and compliance frameworks), understanding the external and internal context is crucial for evaluating risks, identifying opportunities, and aligning the organization's objectives with its environment. These contexts provide the foundation for an effective GRC program.
Key Definitions:
* External Context:
* Represents theoperating environmentin which the organization functions.
* Includes external factors such as market conditions, regulations, competition, geopolitical influences, social trends, and economic conditions.
* Example: Changes in regulatory requirements (e.g., GDPR) that affect the organization's operations.
* Internal Context:
* Refers to the organization'scapabilities and resourcesthat influence its ability to achieve objectives.
* Includes factors like organizational structure, culture, technology, financial resources, and workforce skills.
* Example: The availability of resources for implementing new compliance requirements.
Why Option B is Correct:
External context focuses on theoperating environment(external factors such as regulations, competitors, or economic trends), while internal context focuses on the organization'scapabilities and resources(internal factors such as skills, financial capacity, and infrastructure).
Why the Other Options Are Incorrect:
* A: Risk management policies and compliance procedures are internal controls, not contexts.
* C: Financial performance and governance structure are part of internal factors, not distinguishing between external and internal contexts.
* D: Mission and vision are part of strategic planning, and values and culture are internal factors. These do not fully encompass the external and internal contexts as defined in LEARN.
References and Resources:
* ISO 31000:2018- Risk Management Guidelines: Context establishment.
* COSO ERM Framework- Understanding internal and external context for effective risk management.
* NIST RMF- Emphasizes the importance of evaluating both internal and external environments during risk assessment.
NEW QUESTION # 41
What is the purpose of implementing ongoing and periodic review activities?
Answer: A
Explanation:
Ongoing and periodic review activities are designed to evaluate the performance of actions and controls in terms of their effectiveness, efficiency, responsiveness, and resilience.
Purpose of Reviews:
Effectiveness: Ensures objectives are being met.
Efficiency: Confirms optimal use of resources.
Responsiveness: Measures the speed of adaptation to changes or issues.
Resilience: Assesses the ability to recover from disruptions.
Why Other Options Are Incorrect:
A: Reviews complement external audits, not replace them.
B: Cost reduction may be a result but is not the primary purpose.
D: Documentation for legal defenses is a secondary benefit, not the main goal.
Reference:
COSO ERM Framework: Highlights the role of reviews in assessing risk management and control performance.
OCEG GRC Capability Model: Recommends regular reviews for continuous improvement.
NEW QUESTION # 42
What is the role of key performance indicators (KPIs)?
Answer: C
Explanation:
Key Performance Indicators (KPIs) are measurable values that track and assess the performance of an organization, a team, or an individual in achieving specific objectives.
Role of KPIs in GRC:
Governance: KPIs provide decision-makers with insights into how effectively the organization is achieving its strategic goals.
Risk Management: KPIs help identify deviations or risks that may affect the achievement of objectives.
Compliance: KPIs monitor adherence to regulatory requirements, policies, and standards.
Why Option B is Correct:
KPIs are used to govern, manage, and provide assurance about performance against established objectives.
They are not subjective (Option A) but are based on quantifiable metrics.
KPIs are relevant for both internal decision-making and external reporting (Option C).
While KPIs may influence compensation and bonuses (Option D), their primary role extends far beyond this narrow scope.
Relevant Frameworks and Guidelines:
ISO 30414 (Human Capital Reporting): Defines metrics for evaluating workforce-related KPIs.
COSO ERM Framework: Highlights the use of KPIs in monitoring risks and achieving objectives.
In summary, KPIs are essential tools in GRC for tracking performance, managing risks, and ensuring alignment with organizational goals.
NEW QUESTION # 43
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