GRCP Practice Questions

A.  

Fluctuations in the stock market and economic conditions.

B.  

Ordinary seasonal fluctuations in purchases.

C.  

The launch of a new product or service by a competitor.

D.  

Changes in government regulations and industry standards.

A.  

Norms are customs, rules, or expectations that a group socially reinforces.

B.  

Norms are the typical ways that the business operates.

C.  

Norms are the regular employees of an organization as opposed to contractors brought in for unusual (not normal) projects.

D.  

Norms are the normal or typical financial targets set by the organization.

A.  

By focusing on opportunities

B.  

By decreasing the ultimate likelihood and impact of harm

C.  

By implementing a flat organizational structure

D.  

By conducting regular employee satisfaction surveys

A.  

Risk

B.  

Harm

C.  

Obstacle

D.  

Threat

A.  

To reliably achieve objectives, address uncertainty, and act with integrity – to produce and preserve value simultaneously.

B.  

To maximize profits and minimize losses.

C.  

To ensure compliance with all legal requirements.

D.  

To eliminate all risks and uncertainties.

A.  

To identify the key stakeholders involved in the design process

B.  

To guide, constrain, and conscribe how actions and controls are prioritized to achieve acceptable levels of risk, reward, and compliance

C.  

To establish a timeline for the implementation of the design

D.  

To determine the budget allocated for the design project

A.  

Regulatory compliance, legal disputes, and contractual obligations on a unit-by-unit or division-by-division basis

B.  

How any changes to the internal context might affect supplier relationships, distribution channels, and pricing strategies

C.  

Mission and vision, values, value propositions and operating models, organizational charts and operating model mapping, key department scope and purpose, and potential perverse incentives

D.  

Market share, employee and customer satisfaction, and brand reputation

A.  

To determine the effectiveness of strategies

B.  

To identify opportunities for improvement

C.  

To assess the financial stability of the organization

D.  

To evaluate employee performance

A.  

By determining the budget allocation for GRC programs and where resources should be applied

B.  

By evaluating the performance of departments and individual employees in the context of GRC needs in their roles

C.  

By ensuring compliance with legal and regulatory requirements across the organization as a whole and by department

D.  

By providing a holistic view of an organization’s GRC capability, evaluating its soundness, cost-effectiveness, agility and ability to withstand disruptions

A.  

Resilience measures the durability and longevity of the organization’s physical assets

B.  

Resilience measures the organization’s ability to recover from financial losses and setbacks

C.  

Resilience measures the ability to withstand stress and the capability to align after stress

D.  

Resilience measures the organization’s ability to maintain a positive reputation in the face of public scrutiny