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NEW QUESTION # 91
How do the four dimensions of Total Performance contribute to a comprehensive assessment of an organization's GRC capability?
Answer: A
Explanation:
The four dimensions of Total Performance in GRC-Soundness, Cost-Effectiveness, Agility, and Resilience-enable organizations to conduct a holistic assessment of their Governance, Risk, and Compliance capabilities.
Soundness:
Refers to the logical design and alignment of GRC programs with industry standards and business objectives (e.g., COSO, ISO 31000, NIST).
Ensures that GRC initiatives are robust and well-structured.
Cost-Effectiveness:
Evaluates the balance between the costs incurred and the benefits delivered by GRC programs.
Ensures resources are utilized efficiently.
Agility:
Focuses on how quickly the organization can adapt GRC practices to changing regulations, threats, or market conditions.
Key to maintaining compliance in dynamic environments.
Resilience:
Measures the organization's ability to withstand disruptions, such as cyberattacks or natural disasters, without compromising critical operations.
Incorporates risk mitigation strategies and disaster recovery plans.
Relevant Frameworks and Guidelines:
COSO ERM Framework: Supports a holistic approach to risk management and organizational resilience.
ISO 31000: Guides the integration of sound risk management practices.
In summary, these four dimensions provide a comprehensive lens through which an organization's GRC capability is evaluated, ensuring its effectiveness, sustainability, and adaptability in achieving compliance and managing risks.
NEW QUESTION # 92
What are some examples of informal mechanisms that can capture notifications within an organization?
Answer: B
Explanation:
Informal mechanismsfor capturing notifications are channels that encourage open and direct communication, fostering a culture where employees and stakeholders feel comfortable reporting concerns.
* Examples of Informal Mechanisms:
* Open-Door Policy: Employees are encouraged to approach management directly with issues or concerns.
* Direct Communication with Management: Enables real-time, informal discussions to raise and address concerns.
* Why Other Options Are Incorrect:
* B: Public announcements and press releases are formal and external communications, not mechanisms for capturing internal notifications.
* C: Standard reporting forms are formal tools, not informal mechanisms.
* D: Audits and third-party assessments are structured evaluations, not informal channels.
References:
* Corporate Communication Models: Discuss the importance of informal mechanisms in fostering open communication.
* OCEG GRC Capability Model: Emphasizes informal notification pathways as part of an effective reporting culture.
NEW QUESTION # 93
What are some examples of non-economic incentives that can be used to encourage favorable conduct?
Answer: D
Explanation:
Non-economic incentives are intangible motivators that encourage favorable behavior and performance without providing direct financial compensation.
Examples of Non-Economic Incentives:
Appreciation: Recognizing employees for their contributions (e.g., public acknowledgment or awards).
Status: Offering titles, roles, or responsibilities that elevate an employee's position or reputation.
Professional Development: Providing opportunities for skills enhancement, training, or career growth.
Why Option A is Correct:
Option A includes intangible motivators like appreciation, status, and professional development, which are true examples of non-economic incentives.
Option B lists financial incentives.
Option C focuses on short-term rewards, which are more tangible than non-economic.
Option D refers to employee benefits, which are economic in nature.
Relevant Frameworks and Guidelines:
ISO 30414 (Human Capital Reporting): Highlights the role of recognition and development in motivating employees.
In summary, non-economic incentives such as appreciation, status, and professional development are effective tools for encouraging favorable conduct and fostering engagement.
NEW QUESTION # 94
What is the process of validating direction within an organization?
Answer: B
Explanation:
The process of validating direction involves ensuring that organizational goals and strategies are aligned across all levels, achieved through communication, negotiation, and finalization with various units.
Key Steps in Validating Direction:
Communication: Sharing strategic objectives with all levels to build understanding.
Negotiation: Ensuring input from various units for alignment and feasibility.
Finalization: Formalizing the agreed-upon direction to guide actions.
Why Other Options Are Incorrect:
A: SWOT analysis identifies strengths and weaknesses but does not validate direction.
C: Audits focus on financial accuracy, not strategic alignment.
D: Performance management evaluates employee alignment but is not the core process for validating direction.
Reference:
OCEG GRC Capability Model: Highlights alignment through negotiation and communication.
Balanced Scorecard Framework: Stresses coordination across organizational levels for strategic validation.
NEW QUESTION # 95
What is the term used to describe the outcome or potential outcome of an event?
Answer: B
Explanation:
The term Consequence refers to the outcome or potential outcome of an event, which can be positive, negative, or neutral.
Definition:
Consequences are the results or effects that occur when an event happens, influencing objectives either favorably or unfavorably.
Relation to Risk:
In risk management, consequences are analyzed to understand the implications of identified risks.
Why Other Options Are Incorrect:
B (Impact): Refers to the magnitude or extent of a consequence.
C (Condition): Represents the state or circumstances surrounding an event, not its outcome.
D (Effect): Similar to consequence but used in a broader context not specific to events.
Reference:
ISO 31000 (Risk Management): Defines consequences as outcomes that influence objectives.
COSO ERM Framework: Analyzes consequences in the context of risk events.
NEW QUESTION # 96
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