CORES Incident Management & Business Continuity Planning 5

Question 1

Which BCP component specifically addresses continuity of critical operations when key personnel are unavailable?

Accepted Answer

Succession planning and cross-training program

Answer

Succession planning and cross-training ensure that critical functions can continue even when designated personnel are unavailable due to illness, travel, or crisis-related absences.

Question 2

An organization's BCP is activated but the recovery team cannot locate the most current version of the plan. This MOST likely indicates a failure in:

Accepted Answer

Plan document control and distribution management

Answer

Proper document control ensures that only current, approved versions are accessible to authorized personnel at all times, including during an active crisis.

Question 3

When evaluating supply chain risk for BCP purposes, 'single-source dependencies' are concerning because:

Accepted Answer

The failure of one supplier has no available substitute, creating a potential single point of failure

Answer

Reliance on one supplier without alternatives means any disruption to that supplier directly and immediately disrupts the organization's own operations.

Question 4

The 'lessons learned' report issued after an incident should PRIMARILY drive:

Accepted Answer

Updates to plans, procedures, and training to prevent recurrence or improve response

Answer

The lessons learned process closes the feedback loop by translating post-incident insights into concrete improvements to plans, controls, and organizational readiness.

Question 5

Under FFIEC guidance, financial institutions are expected to test their BCP at minimum:

Accepted Answer

Annually, with testing scope commensurate with the complexity of operations

Answer

FFIEC guidance requires annual BCP testing scaled to the institution's operational complexity and systemic importance to ensure plans remain effective.

(CORES) Certified Operational Risk Executive Specialist Practice Test

(CORES) Certified Operational Risk Executive Specialist Practice Test

CORES Incident Management & Business Continuity Planning 5