GRC Study Guide 2026

Auditing plays a crucial role in internal controls by independently assessing whether these controls are designed and operating effectively. It helps identify weaknesses, non-compliance, or inefficiencies within the control system. By providing an objective evaluation, auditing ensures that controls are robust enough to mitigate risks and achieve organizational objectives.

The FCPA prohibits U.S. companies and individuals from bribing foreign government officials and requires maintenance of accurate books and records and adequate internal controls.

A risk control measure is any action, policy, procedure, or device designed to reduce the probability of a risk occurring or lessen its negative impact if it does occur. These measures are implemented to bring risks to an acceptable level, protecting the organization's assets, operations, and objectives. Examples include security systems, internal policies, and training programs.

CCPA gives California residents rights including knowing what personal data businesses collect, the right to delete it, and the right to opt out of its sale.

Ongoing monitoring is the phase of the TPRM lifecycle that takes place after a vendor is onboarded. It involves continuously assessing the vendor to ensure they remain compliant and uphold the agreements established in the contract and to detect any new or emerging risks in real-time.

An effective regulatory change management process must go beyond just identifying changes; it must ensure that those changes are implemented and embedded into the business. Assigning clear ownership and accountability for specific regulatory requirements and the necessary changes is crucial for this to happen. Without clear ownership, action items can be missed, leading to non-compliance.