GRC Governance Frameworks & Best Practices

Question 1

What is the purpose of governance frameworks in GRC?

Accepted Answer

Provide structure for risk and compliance management

Answer

Increase risks

Answer

Promote inefficiency

Answer

Avoid compliance checks

Question 2

What is a key principle of effective governance in GRC?

Accepted Answer

Transparency, accountability, and alignment

Answer

Lack of accountability

Answer

Secrecy in decision-making

Answer

Minimize documentation

Question 3

What does a risk-based approach to governance prioritize?

Accepted Answer

Focus on high risks

Answer

Minimize risk recognition

Answer

Increase compliance costs

Answer

Ignore risk management

Question 4

What is the role of internal controls in governance?

Accepted Answer

Ensure effective operations and compliance

Answer

Increase financial risks

Answer

Reduce efficiency

Answer

Avoid transparency

Question 5

What is a best practice in implementing governance frameworks?

Accepted Answer

Involve key stakeholders

Answer

Ignore stakeholders

Answer

Focus only on senior management

Answer

Limit stakeholder participation

Question 6

How does effective risk management impact governance?

Accepted Answer

Identify and mitigate threats early

Answer

Increase exposure to risk

Answer

Ignore potential threats

Answer

Promote unmanaged risks

Question 7

What is the function of compliance audits in governance?

Accepted Answer

Ensure adherence to regulations

Answer

Increase non-compliance

Answer

Reduce transparency

Answer

Ignore legal requirements

Question 8

How can organizations measure the effectiveness of their GRC programs?

Accepted Answer

Track KPIs and assess outcomes

Answer

Ignore data

Answer

Reduce performance tracking

Answer

Limit performance measurement

Question 9

What is the role of continuous monitoring in governance?

Accepted Answer

Ensure ongoing compliance and adjustments

Answer

Ignore changes

Answer

Delay compliance checks

Answer

Create inefficiencies