GRCP Practice Questions

A.  

Inherent effect is the effect of uncertainty in the presence of risk, while residual effect is the effect of uncertainty in the presence of reward

B.  

Inherent effect is the effect of uncertainty in the absence of actions and controls, while residual effect is the effect of uncertainty in the presence of actions and controls

C.  

Inherent effect is the effect of uncertainty in the absence of risk, while residual effect is the effect of uncertainty in the absence of reward

D.  

Inherent effect is the effect of uncertainty in the presence of actions and controls, while residual effect is the effect of uncertainty in the absence of actions and controls

A.  

They are focused on identifying and punishing non-compliant behavior within the organization

B.  

They are used to evaluate the management and governance controls with regard to achieving financial objectives

C.  

They provide additional information beyond management and governance actions and controls to evaluate subject matter

D.  

They are limited to financial audits and do not address other aspects of performance, risk, and compliance

A.  

Compliance & Ethics

B.  

Risk & Decisions

C.  

Security & Continuity

D.  

Strategy & Performance

A.  

The Second Line is responsible for conducting external audits and providing assurance to stakeholders

B.  

The Second Line is responsible for making strategic decisions and setting the overall direction of the organization, deciding on objectives and issuing decision-making guidance

C.  

The Second Line establishes performance, risk, and compliance programs for the First Line, and provides oversight through frameworks, standards, policies, tools, and techniques

D.  

The Second Line focuses on the day-to-day operational activities of the organization to address risk and compliance requirements

A.  

Reducing the frequency of communication to avoid information overload.

B.  

Selecting the appropriate sender, recipient, intention, message, cadence, and channel.

C.  

Ensuring external communications are always formal while most internal communication can be more informal.

D.  

Using only one communication channel for all types of messages so that sending and receipt can be tracked.

A.  

To calculate the return on investment (ROI) of alignment activities

B.  

To ensure that the organization stays on track and achieves its objectives

C.  

To comply with industry regulations and standards

D.  

To evaluate the performance of individual employees and teams

A.  

To ensure that the organization complies with all industry-specific regulations

B.  

To provide confidence to management, governing authorities, and stakeholders by objectively and competently evaluating subject matter

C.  

To facilitate communication and collaboration between different departments within the organization

D.  

To provide legal protection to the organization in case of disputes or litigation

A.  

By evaluating subject matter so that information consumers can trust what is stated or claimed

B.  

By implementing new technologies and software systems

C.  

By conducting market research and analyzing customer feedback

D.  

By organizing team-building activities and workshops

A.  

Financial statements and accounting records

B.  

Identifiable statements, conditions, events, or activities for which there is evidence

C.  

Policies, procedures, and guidelines

D.  

Training programs, workshops, and seminars

A.  

Prescriptive Policy

B.  

Proscriptive Policy

C.  

Ethical Conduct Policy

D.  

Procedural Policy