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Which of the following best practices should be followed when setting up risk thresholds in third-party risk assessment configuration?
Response:
A. Setting risk thresholds based on the most conservative estimates available
B. Customizing risk thresholds to align with the organization,s specific risk tolerance and industry standards
C. Using a universal threshold for all types of third parties
D. Avoiding any changes to risk thresholds after the initial setup
Answer: C
NEW QUESTION # 82
What does Core Configuration typically involve in Third-Party Risk Management systems?
Response:
A. All of the above
B. Defining risk assessment methodologies
C. Setting user permissions and roles
D. Customizing report templates
Answer: B
NEW QUESTION # 83
Which feature should be prioritized in the design of a Third-party Assessment Portal to ensure user accountability?
Response:
A. Limiting user access based on seniority levels
B. A comprehensive audit log tracking all user activities within the portal
C. The ability to integrate with third-party social media accounts
D. A customizable user interface with company branding
Answer: D
NEW QUESTION # 84
Why is it important to configure issues with priority levels in third-party risk management?
Response:
A. To enable resources to be focused on resolving the most critical issues first
B. To allow third-party vendors to determine issue severity
C. To minimize the visibility of less critical issues
D. To ensure all issues are treated equally regardless of impact
Answer: A
NEW QUESTION # 85
Advanced Third-party Risk Assessment Calculations might include analysis of:
Response:
A. The aesthetic appeal of third-party marketing materials.
B. Predictive modeling based on current risk trends and third-party behaviors.
C. The preference of third parties for specific types of coffee in the office.
D. The number of social media followers a third party has.
Answer: B
NEW QUESTION # 86
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