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In TPRM, what is the significance of the "due diligence" phase?
Response:
A. It is a legal requirement for all third-party contracts.
B. It is the process of collecting detailed information about a third-party before forming a business relationship.
C. It involves the continuous monitoring of the third-party,s performance.
D. It is primarily focused on negotiating service level agreements.
Answer: B
NEW QUESTION # 47
What critical factor should be considered when assigning tiers in Third-party Tiering Configuration?
Response:
A. The strategic importance to the business
B. The location of the third party
C. The duration of the contract
D. The financial stability of the third party
Answer: B
NEW QUESTION # 48
Third-party Risk Task Configuration involves:
Response:
A. Assigning all risk-related tasks to third-party vendors
B. Specifying actions to be taken for risk assessment, monitoring, and mitigation
C. Defining tasks that are unrelated to third-party risk management
D. Setting up tasks for daily operational activities only
Answer: D
NEW QUESTION # 49
Which feature in ServiceNow GRC helps in identifying the highest risk areas and prioritizing compliance activities?
Response:
A. The Email Campaign function
B. The Heat Map visualization
C. The Social Media Integration module
D. The Document Storage System
Answer: D
NEW QUESTION # 50
The integration between ServiceNow GRC and Third-Party Risk Management modules facilitates what aspect of risk management?
Response:
A. It ensures that all users get a daily motivational quote
B. It limits the amount of data that can be analyzed
C. It focuses solely on the aesthetic presentation of risk data
D. It enables a holistic view of organizational and third-party risks
Answer: D
NEW QUESTION # 51
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