OCEG GRC Professional Certification - GRCP Exam Practice Test

A. By conducting regular employee satisfaction surveys

B. By focusing on opportunities

C. By decreasing the ultimate likelihood and impact of harm

D. By implementing a flat organizational structure

A. To assess any damage done to the company from non-compliance

B. To ensure that all employees adhere to the company's code of conduct

C. To slow down or decrease the impact of unfavorable events and return the organization to its original, stable, or superior state after harm has occurred

D. To ensure that unfavorable events do not affect the profitability of the organization

A. Through open and transparent acknowledgment of the identified unfavorable conduct or events and acceptance of responsibility by the CEO.

B. Through the use of both technology and physical actions and controls to recover from negative conduct and conditions, correct identified weaknesses, and establish barriers to future misconduct.

C. Through focusing on promoting positive behavior and establishing reward systems for employees who identify weaknesses in the systems of control.

D. Through the application of responsive actions and controls that recover from unfavorable conduct, events, and conditions; correct identified weaknesses; execute necessary discipline; recognize and reinforce favorable conduct; and deter future undesired conduct or conditions.

A. To address allegations or indications of unfavorable events and respond to external inquiries and investigations

B. To provide incentives to employees for favorable conduct

C. To ensure timely and consistent reporting to applicable stakeholders

D. To compound and accelerate the impact of favorable events

A. It is only applicable to large organizations in specific industries.

B. It is a starting point for policies and procedures in large organizations or those in highly regulated industries, while in small organizations that are less regulated it is the only guidance needed.

C. It sets out the principles, values, standards, or rules of behavior that guide the organization's decisions, procedures, and systems, serving as an effective guidepost.

D. It is a legally mandated document that must be established and followed by all organizations.

A. A set of guidelines and regulations for corporate governance and ethical conduct

B. A system for monitoring and evaluating the performance of employees and teams

C. A framework for managing financial risks and ensuring fiscal responsibility

D. A connected and integrated approach that provides a pathway to Principled Performance by overcoming VUCA and disconnection

A. External context represents the operating environment, while internal context represents capabilities and resources

B. External context refers to the organization's financial performance, while internal context refers to its governance structure

C. External context encompasses the organization's mission and vision, while internal context encompasses its values and culture

D. External context includes the organization's risk management policies, while internal context includes its compliance procedures

A. To minimize the number of communication channels used within the organization and increase efficiency

B. To eliminate informal communications that may provide incorrect information

C. To ensure that all communication is formal and documented as required by law and regulation

D. To address opportunities, obstacles, and obligations by interacting with the right audiences at the right time with the right information and intelligence

A. Effective (Sound), Efficient (Lean), Responsive (Agile), Resilient (Antifragile)

B. Revenue, Profit, Market Share, Growth

C. Quality, Quantity, Timeliness, Accuracy

D. Leadership, Communication, Collaboration, Innovation

A. Strategy & Performance

B. Security & Continuity

C. Risk & Decisions

D. Compliance & Ethics

A. People

B. Technology

C. Policy

D. Information

A. Reducing the frequency of communication to avoid information overload.

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

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

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

A. The OCEG community of GRC Professionals

B. The International Organization for Standardization (ISO)

C. AICPA (American Institute of Certified Public Accountants)

D. The Financial Accounting Standards Board (FASB)

E. IAPP (International Association of Privacy Professionals)

F. ISACA (Information Systems Audit and Control Association)

G. SCCE (Society of Corporate Compliance and Ethics)

H. IIA (Institute of Internal Auditors)

I. IMA (Institute of Management Accountants)

J. IFAC (International Federation of Accountants)

K. ACFE (Association of Certified Fraud Examiners)