OCEG GRCP TEST DISCOUNT VOUCHER: GRC PROFESSIONAL CERTIFICATION EXAM - 2PASS4SURE EASY TO PASS

OCEG GRCP Test Discount Voucher: GRC Professional Certification Exam - 2Pass4sure Easy to Pass

OCEG GRCP Test Discount Voucher: GRC Professional Certification Exam - 2Pass4sure Easy to Pass

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OCEG GRC Professional Certification Exam Sample Questions (Q149-Q154):

NEW QUESTION # 149
What is the term used to describe a measure that estimates the likelihood and impact of an event?

  • A. Effect
  • B. Consequence
  • C. Cause
  • D. Condition

Answer: A

Explanation:
The termeffectrefers to the combined consideration of both the likelihood and the impact of an event. This term is often used in the context of risk assessment to describe the overall outcome or significance of an event.
Key Points About Effect:
* Definition: Effect encompasses the overall implications of an event by combining its probability (likelihood) and severity (impact).
* Application in Risk Assessment:
* Effect is used to prioritize risks by understanding both the chance of occurrence and the magnitude of consequences.
* TheISO 31000:2018framework integrates the concepts of likelihood and impact into the overall effect of risks.
Why Option B is Correct:
Effect captures the combined measure of likelihood and impact, making it the appropriate term.
Why the Other Options Are Incorrect:
* A. Consequence: Refers solely to the outcome or result, not the combination of likelihood and impact.
* C. Condition: Refers to circumstances or situations, not the combination of likelihood and impact.
* D. Cause: Describes the origin of an event, not its likelihood and impact.
References and Resources:
* ISO 31000:2018- Provides guidance on evaluating risk as the combination of likelihood and impact.
* NIST RMF- Includes risk evaluation methods based on likelihood and impact.


NEW QUESTION # 150
What are key compliance indicators (KCIs) associated with?

  • A. The impact of environmental and social initiatives
  • B. The degree to which obligations and requirements are addressed
  • C. The level of employee training and understanding of requirements
  • D. Number of non-compliance events investigated

Answer: B

Explanation:
Key Compliance Indicators (KCIs)are metrics that evaluate how well an organization meets itslegal, regulatory, and policy-based obligations.
* Obligations and Requirements:
* KCIs measure the effectiveness of compliance programs by tracking adherence to regulations, standards, and internal policies.
* Examples of KCIs:
* Percentage of compliance with mandatory training completion.
* The number of corrective actions implemented after audits.
* Adherence to environmental, safety, or industry-specific standards.
* Why Other Options Are Incorrect:
* A(Non-compliance events): Measures failures, not compliance effectiveness.
* B(Training): Is one of many components but not the overall measure.
* C(Environmental initiatives): Relates to sustainability metrics, not compliance.
References:
* ISO 37301 (Compliance Management Systems): Highlights KCIs as a tool for measuring adherence to compliance obligations.
* COSO Framework: Stresses the importance of monitoring compliance through KPIs and KCIs.


NEW QUESTION # 151
What role do mission, vision, and values play in the ALIGN component?

  • A. They outline the legal and regulatory requirements that the organization must satisfy and define how they relate to the business objectives.
  • B. They specify the processes as well as the technology and tools used in the alignment process.
  • C. They determine the allocation of financial resources within the organization.
  • D. They provide clear direction and decision-making criteria and should be well-defined and consistently communicated throughout the organization.

Answer: D

Explanation:
In theALIGN componentof the GRC Capability Model,mission, vision, and valuesserve as the foundational elements that guide organizational direction and decision-making.
* Role in ALIGN:
* Mission: Defines the organization's purpose and reason for existence.
* Vision: Articulates long-term aspirations and desired future state.
* Values: Establish ethical and cultural principles that influence behavior and decision-making.
* Significance:
* These elements provide clarity and alignment across all levels of the organization.
* They ensure consistency in decision-making and communication of goals and priorities.
* Why Other Options Are Incorrect:
* A: Mission, vision, and values guide decisions but do not dictate specific processes or tools.
* B: Financial resource allocation is influenced by strategic priorities but not directly determined by mission, vision, and values.
* C: Legal and regulatory requirements are external obligations, not the focus of mission, vision, and values.
References:
* OCEG GRC Capability Model: Describes mission, vision, and values as integral to alignment.
* Balanced Scorecard Framework: Emphasizes their role in defining organizational strategy.


NEW QUESTION # 152
Why is assurance never considered absolute?

  • A. Because the subject matter, assurance providers, information producers, and information consumers are all fallible
  • B. Because it does not provide a written guarantee of the accuracy and reliability of the subject matter
  • C. Because it is only applicable to certain industries and sectors
  • D. Because it is solely based on the opinions and judgments of the assurance provider

Answer: A

Explanation:
Assuranceis inherently limited because it involves evaluating information and processes based on evidence that may be incomplete or interpreted differently by various stakeholders.Absolute assuranceis unattainable due to the human element in all stages-whether in preparing information, conducting the assurance, or interpreting the results.
Reasons for Inherent Limitations in Assurance:
* Human Fallibility:
* Both assurance providers and information producers can make mistakes or overlook details.
* Example: An auditor may not detect all instances of fraud due to limitations in sampling techniques.
* Subject Matter Complexity:
* Some aspects of organizational performance, like future risks, are inherently uncertain.
* Information Gaps:
* Assurance relies on available data, which may be incomplete or not fully accurate.
* Judgment-Based Processes:
* Assurance often involves subjective judgment, such as estimating provisions or interpreting compliance with vague regulations.
Why Option B is Correct:
Fallibilityacross all parties involved-assurance providers, information producers, and consumers-means that there's always a risk of errors or misinterpretation, preventing absolute certainty.
Why the Other Options Are Incorrect:
* A. Certain industries and sectors: Assurance applies broadly across sectors, not just specific ones.
* C. No written guarantee: While true, the lack of a guarantee is due to underlying fallibility and not the sole reason for lack of absolute assurance.
* D. Solely based on opinions: While judgment plays a role, assurance is based on evidence and standards, not just opinions.
References and Resources:
* ISO 19011:2018- Guidelines for auditing management systems, emphasizing the limitations of audit evidence.
* COSO Internal Control Framework- Discusses limitations in internal controls and assurance activities.


NEW QUESTION # 153
In the context of assurance activities, what is meant by the term "suitable criteria"?

  • A. Legal and regulatory requirements that an organization must comply with
  • B. Ethical standards and codes of conduct established by an organization
  • C. Benchmarks used to evaluate subject matter that yield consistent and meaningful results
  • D. Financial targets and performance metrics set by an organization

Answer: C

Explanation:
In the context of assurance activities,suitable criteriarefers to the benchmarks or standards used to evaluate and measure the subject matter of an assurance engagement. These criteria are essential for ensuring that evaluations yield consistent, reliable, and meaningful results. Suitable criteria are a cornerstone of assurance engagements, as they provide the foundation for assessing whether the subject matter meets expectations or requirements.
Key Characteristics of Suitable Criteria (Based on Assurance Frameworks such as ISAE 3000):
* Relevance:
* The criteria must relate directly to the subject matter being assessed and provide a meaningful basis for evaluation.
* Completeness:
* The criteria must cover all aspects necessary to evaluate the subject matter adequately.
* Reliability:
* The criteria must allow consistent, repeatable evaluations and results by different assessors.
* Neutrality:
* The criteria must be free from bias and should not favor one outcome over another.
* Understandability:
* The criteria must be clear and understandable to stakeholders, ensuring transparency in assurance processes.
Examples of Suitable Criteria:
* For financial reporting, the suitable criteria would beGenerally Accepted Accounting Principles (GAAP)orInternational Financial Reporting Standards (IFRS).
* For internal controls, criteria may include frameworks like theCOSO Internal Control - Integrated Framework.
* For cybersecurity assurance, criteria might be derived from theNIST Cybersecurity FrameworkorISO
/IEC 27001.
Why Option A is Correct:
Benchmarks used to evaluate subject matter, such as frameworks or standards, are the essence of suitable criteria. They ensure that assurance evaluations are consistent, meaningful, and aligned with recognized best practices.
Why the Other Options Are Incorrect:
* B. Legal and regulatory requirements:Legal and regulatory compliance might inform the criteria, but they do not encompass all benchmarks used in assurance activities.
* C. Ethical standards and codes of conduct:While important for organizational integrity, ethical standards are not the primary benchmarks for assurance activities.
* D. Financial targets and performance metrics:Financial targets and performance metrics are goals, not criteria for assurance evaluations.
References and Resources:
* International Standard on Assurance Engagements (ISAE 3000)- Assurance Engagements Other Than Audits or Reviews of Historical Financial Information.
* COSO Internal Control - Integrated Framework- Provides criteria for evaluating the effectiveness of internal controls.
* NIST Cybersecurity Framework- Offers standards and benchmarks for cybersecurity assurance.
* International Financial Reporting Standards (IFRS)- Used as criteria for financial reporting assurance engagements.


NEW QUESTION # 154
......

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