CTPRP | 773 Questions and Answers(A+ Solution guide)

Fully developed TPRM Program has become a critical component of an organizations approach to....? - Enterprise Risk Management (ERM) Enterprise Risk Management (ERM) risk factors - strategic risks, financial risks, operational risks, compliance risk, IT and infrastructure risks, reputational risks GRC - Governance, Risk, and Compliance GRC Definition - Governance, Risk, and Compliance (GRC) is the framework and tools such as policies; procedures; and controls and decision-making hierarchy. These are employed to manage risk in the organization. GRC systems partially automate risk management processes, such an onboarding, ongoing oversight, compliance, incident/issue management, and maintenance of TP risk registers and inventories. Definition of Frameworks - A framework is flexible and allows for adaptation. Frameworks outline a broad perspective of interlinked items in a field of practice. Definition of Standards - A Standard is clearly defined, rigid, and universally accepted as the best method for addressing a specific topic. Within a standard, there is typically one accepted way of accomplishing the task. Within TPRM, it is common for technology controls to leverage _____ , and risk management functions to leverage ____ to frame the requirements - Standards; Frameworks Regulations, Statutes, and Laws - Managing Compliance Obligations - Compliance obligations can be driven by statutory, regulatory, contractual, or industry requirements. While specific regulations are sectoral or country specific, there are more commonalities in how regulations are being shaped by international, federal, or state/provincial regulators that influence TPRM Industry Sector Guidance - Industry sectors that are more highly regulated have designated governmental agencies or functions responsible for oversight of participants in that industry. Theseentities publish guidance that creates requirements and obligations for both Outsourcers and SPs within each respective industry. IN some sectors, like financial services and healthcare, there may be formalized audits or examinations to assess compliance for TP SPs. Established Risk Culture. The First step is to ensure that requirements for risk-based vendor management are communicated to the organization. Consider the following: - Tone at the top Risk posture Risk tolerance Risk management methodology Acceptance process and exception process Comparing Vendor Management and Vendor Risk Management - The point-of-view on roles and responsibilities between vendor management and vendor risk management are often misunderstood. Let's look at both the similarities and differences.