WHY DO YOU NEED TO TRUST ON {SHARED ASSESSMENTS} SHARED ASSESSMENTS CTPRP EXAM QUESTIONS?

Why Do You Need to Trust on {Shared Assessments} Shared Assessments CTPRP Exam Questions?

Why Do You Need to Trust on {Shared Assessments} Shared Assessments CTPRP Exam Questions?

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Tags: CTPRP Certification Sample Questions, Latest CTPRP Dumps Free, Test CTPRP Questions, CTPRP Interactive EBook, Prep CTPRP Guide

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Shared Assessments Certified Third-Party Risk Professional (CTPRP) Sample Questions (Q248-Q253):

NEW QUESTION # 248
If a company identifies significant financial risk with a third-party vendor, what is an appropriate initial action?

  • A. Encourage the vendor to restructure their debt to improve financial stability.
  • B. Negotiate lower prices to reflect the increased risk before continuing transactions.
  • C. Immediately cease all business activities with the vendor to prevent potential losses.
  • D. Conduct a more detailed financial audit of the vendor to assess long-term viability.

Answer: D

Explanation:
Conducting a detailed financial audit helps in understanding the financial health and sustainability of a vendor, which is critical in assessing their long-term viability and reliability as a business partner. This action is a proactive approach to mitigating financial risks.


NEW QUESTION # 249
Which activity BEST describes conducting due diligence of a lower risk vendor?

  • A. Requesting and filing a service provider's external audit report(s) for future reference
  • B. Preparing reports to management regarding the status of third party risk management and remediation activities
  • C. Accepting a service providers self-assessment questionnaire responses
  • D. Reviewing a service provider's self-assessment questionnaire and external audit report(s)

Answer: C

Explanation:
Due diligence is the process of evaluating the risks and opportunities associated with a potential or existing third-party vendor. Due diligence can vary in scope and depth depending on the level of risk that the vendor poses to the organization. Lower risk vendors are those that have minimal impact on the organization's operations, reputation, or compliance, and that do not handle sensitive or confidential data or systems. For lower risk vendors, conducting due diligence may involve accepting the service provider's self-assessment questionnaire responses as sufficient evidence of their capabilities, performance, and compliance. A self-assessment questionnaire is a tool that allows the vendor to provide information about their organization, services, processes, controls, and policies. The organization can use the questionnaire to verify the vendor's identity, qualifications, references, and certifications, and to assess the vendor's alignment with the organization's standards and expectations. Accepting the vendor's self-assessment questionnaire responses as the primary source of due diligence can save time and resources for the organization, and can also demonstrate trust and confidence in the vendor. However, the organization should also ensure that the questionnaire is comprehensive, relevant, and updated, and that the vendor's responses are accurate, complete, and consistent.
The organization should also reserve the right to request additional information or documentation from the vendor if needed, and to conduct periodic reviews or audits of the vendor's performance and compliance.
The other options do not best describe conducting due diligence of a lower risk vendor, because they either involve more extensive or rigorous methods of due diligence, or they are not directly related to due diligence.
Preparing reports to management regarding the status of third party risk management and remediation activities is an important part of monitoring and managing the vendor relationship, but it is not a due diligence activity per se. Reviewing a service provider's self-assessment questionnaire and external audit report(s) is a more thorough way of conducting due diligence, but it may not be necessary or feasible for lower risk vendors, especially if the external audit report(s) are not readily available or relevant. Requesting and filing a service provider's external audit report(s) for future reference is a good practice for maintaining documentation and evidence of due diligence, but it is not a due diligence activity itself.
References:
* Third Party Risk Management (TPRM) | Shared Assessments
* Vendor Due Diligence Strategy Guide and Checklist | Prevalent
* Vendor due diligence: a practical guide and checklist


NEW QUESTION # 250
Which of the following is a component of evaluating a third party's use of Remote Access within their information security policy?

  • A. Maintaining blocked IP address ranges
  • B. Reviewing the testing and deployment procedures to networking components
  • C. Providing guidelines to configuring ports on a router
  • D. Identifying the use of multifactor authentication

Answer: D

Explanation:
Remote access is any connection made to an organization's internal network and systems from an external source by a device or host. Remote access can enable greater worker flexibility and productivity, but it also poses significant security risks, such as unauthorized access, data leakage, malware infection, or network compromise. Therefore, it is important to evaluate a third party's use of remote access within their information security policy, which should define the roles, responsibilities, standards, and procedures for remote access.
One of the key components of evaluating a third party's use of remote access within their information security policy is identifying the use of multifactor authentication. Multifactor authentication is a method of verifying the identity of a remote user by requiring two or more factors, such as something the user knows (e.g., password, PIN), something the user has (e.g., token, smart card), or something the user is (e.g., fingerprint, face). Multifactor authentication enhances the security of remote access by making it harder for attackers to impersonate or compromise legitimate users. According to the NIST Guide to Enterprise Telework, Remote Access, and Bring Your Own Device (BYOD) Security1, multifactor authentication should be used for all remote access, especially for high-risk situations, such as accessing sensitive data or privileged accounts.
The other options are not components of evaluating a third party's use of remote access within their information security policy. Maintaining blocked IP address ranges, reviewing the testing and deployment procedures to networking components, and providing guidelines to configuring ports on a router are all examples of network security controls, but they are not specific to remote access. They may be part of the overall information security policy, but they are not sufficient to assess the security of remote access.
References:
* NIST Guide to Enterprise Telework, Remote Access, and Bring Your Own Device (BYOD) Security
* How to Implement an Effective Remote Access Policy
* Why Managing Third-Party Access Requires A Better Approach


NEW QUESTION # 251
What is the primary purpose of asset classification in risk management?

  • A. Guiding decisions on asset disposal and retirement
  • B. Establishing financial value for accounting purposes
  • C. Determining the appropriate level of protection, monitoring, and testing
  • D. Organizing physical assets for storage efficiency

Answer: C

Explanation:
The correct answer encapsulates the essential function of asset classification, which is to ensure that assets receive a level of protection, monitoring, and testing that is commensurate with their criticality and sensitivity. This approach is fundamental in managing risk efficiently.


NEW QUESTION # 252
The analysis of a vendor questionnaire should document any __________ that may affect the accuracy or completeness of the responses.

  • A. "financial obligations or penalties incurred by the vendor"
  • B. "assumptions, limitations, or dependencies"
  • C. "contractual commitments made by the vendor"
  • D. "positive outcomes and strengths highlighted by the vendor"

Answer: B

Explanation:
Documenting "assumptions, limitations, or dependencies" is crucial in the analysis of vendor questionnaires as it helps in understanding the context in which the vendor operates and the reliability of their responses. This documentation ensures that any analysis based on the questionnaire considers these factors which may impact the accuracy or completeness of the information provided.


NEW QUESTION # 253
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