GRCP Dumps With Exact Questions and Answers

TheFifth Line, or theGoverning Authority (Board), holdsultimate accountabilityfor the governance, management, and assurance of performance, risk, and compliance.

Role of the Governing Authority:

Sets the tone at the top by defining the mission, vision, and strategic objectives.

Ensures proper oversight and accountability across all lines.

Approves and monitors the effectiveness of risk management, performance, and compliance initiatives.

Why Other Options Are Incorrect:

B: The Second Line implements performance, risk, and compliance programs but does not have ultimate accountability.

C: The First Line executes operational activities but does not govern or manage assurance.

D: The Third Line provides independent assurance but is not accountable for governance and management.

References:

COSO ERM Framework: Highlights the Governing Authority’s accountability for enterprise risk and compliance.

OCEG GRC Capability Model: Describes the plenary accountability of the Fifth Line.

Resiliencein the context of Total Performance evaluates the ability of an education program to withstand disruptions and continue functioning effectively.

Key Considerations for Resilience:

Contingency Plans: Preparedness for system failures or other interruptions.

Slack in Timelines: Flexibility to accommodate unexpected delays.

Backup Resources: Availability of backup staff and alternative training methods to maintain continuity.

Why Other Options Are Incorrect:

A: Advanced training completion reflects expertise, not resilience.

B: Curriculum updates indicate adaptability but not the ability to recover from disruptions.

C: Availability of materials is helpful but does not directly measure resilience.

References:

ISO 31000 (Risk Management): Highlights resilience in addressing disruptions.

OCEG GRC Capability Model: Emphasizes resilience as a key criterion for Total Performance.

Key external stakeholders include those who have significant influence over the organization’s operations, strategy, and outcomes, such ascustomers, shareholders, creditors and lenders, government, and NGOs.

External Stakeholder Roles:

Customers: Drive revenue and product/service demand.

Shareholders: Provide capital and influence strategic decisions.

Creditors and Lenders: Affect financing and liquidity.

Government and NGOs: Set regulatory frameworks and advocate for societal priorities.

Why Other Options Are Incorrect:

A: Distributors and resellers are part of supply chain stakeholders, not key external influencers.

B: Employees and board members are internal stakeholders.

C: Marketing agencies and auditors are third-party service providers, not primary external stakeholders.

References:

Stakeholder Management Standards (ISO 26000): Discusses key stakeholder identification.

COSO Framework: Emphasizes the importance of external stakeholder engagement in risk management and governance.