GRC Governance Frameworks & Best Practices 5

Question 1

In a GRC program, 'integrated GRC' refers to an approach where:

Accepted Answer

Governance, risk, and compliance activities share common data, processes, and technology

Answer

Integrated GRC breaks down silos by using a unified platform, common taxonomy, and shared processes across governance, risk, and compliance activities.

Question 2

Which principle in the UN Global Compact specifically requires companies to support and respect internationally proclaimed human rights?

Accepted Answer

Principle 1

Answer

UN Global Compact Principle 1 states that businesses should support and respect the protection of internationally proclaimed human rights.

Question 3

A chief compliance officer (CCO) receives a request from the CEO to waive a policy requirement for a key client deal. The best governance response is to:

Accepted Answer

Evaluate the request against the formal waiver process and escalate to the board if material

Answer

Waivers should follow a documented approval process, and material waivers that affect regulatory compliance should be escalated to the audit committee or board.

Question 4

The COSO Internal Control — Integrated Framework identifies five components. Which component addresses the 'tone at the top' concept?

Accepted Answer

Control Environment

Answer

The Control Environment component encompasses the organization's commitment to integrity, ethical values, and management's oversight — often called 'tone at the top.'

Question 5

Under the GDPR governance requirements, what role must certain organizations appoint to oversee data protection compliance?

Accepted Answer

Data Protection Officer (DPO)

Answer

GDPR Article 37 mandates that certain public authorities, and organizations processing sensitive data at scale, appoint a Data Protection Officer.

(GRC) Governance, Risk, and Compliance Certification Practice Test

(GRC) Governance, Risk, and Compliance Certification Practice Test

GRC Governance Frameworks & Best Practices 5