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Shared Assessments CTPRP Test Prep - Answers CTPRP Free

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Shared Assessments Certified Third-Party Risk Professional (CTPRP) Sample Questions (Q29-Q34):

NEW QUESTION # 29
Consider a business that experiences a cyber-attack and loses transactions from the last 12 hours. What does this imply if the RPO was set for 8 hours?

• A. The Recovery Point Objective was not met, indicating the need for improved backup strategies.
• B. The data recovery effort was successful, and no further action is required.
• C. There was a minor impact, and the RPO is still considered to be within acceptable limits.
• D. The Recovery Time Objective has likely been exceeded in this case.

Answer: A

Explanation:
When a business loses more data than what is defined by the RPO, it directly indicates a failure in meeting the established recovery objectives. Losing 12 hours of data when the RPO is set for 8 hours clearly points to inadequacies in the current backup strategies, emphasizing the need for more frequent or more reliable data backup solutions.

NEW QUESTION # 30
Which statement is FALSE regarding the foundational requirements of a well-defined third party risk management program?

• A. We have established vendor risk ratings and classifications based on a tiered hierarchy
• B. We conduct onsite or virtual assessments for all third parties
• C. We have defined senior and executive management accountabilities for oversight of our TPRM program
• D. We have established Management and Board-level reporting to enable risk-based decisionmaking

Answer: B

Explanation:
A well-defined third party risk management program does not require conducting onsite or virtual assessments for all third parties, as this would be impractical, costly, and inefficient. Instead, a TPRM program should adopt a risk-based approach to determine the frequency, scope, and depth of assessments based on the inherent and residual risks posed by each third party. This means that some third parties may require more frequent and comprehensive assessments than others, depending on factors such as the nature, scope, and criticality of their services, the sensitivity and volume of data they access or process, the regulatory and contractual obligations they must comply with, and the results of previous assessments and monitoring activities. A risk-based approach to assessments allows an organization to allocate its resources and efforts more effectively and efficiently, while also ensuring that the most significant risks are adequately addressed and mitigated.
References:
* Shared Assessments, CTPRP Job Guide, page 9: "The frequency, scope, and depth of assessments should be determined by the inherent and residual risks posed by each third party."
* OneTrust, [What is Third-Party Risk Management?]: "A risk-based approach to third-party risk management means that you prioritize your efforts and resources based on the level of risk each vendor poses to your organization."
* [Deloitte], [Third Party Risk Management: Managing Risk]: "A risk-based approach to third-party risk
* management helps organizations prioritize their efforts and resources based on the level of risk each third party poses to the organization."

NEW QUESTION # 31
You are updating the inventory of regulations that impact your TPRM program during the company's annual risk assessment. Which statement provides the optimal approach to prioritizing the regulations?

• A. Include the regulations that have the greater risk of triggering enforcement or fines/penalties
• B. Emphasize the federal regulations since they supersede state regulations
• C. identify the applicable regulations that require an extension of specific obligations to service providers
• D. Narrow the focus only on the regulations that directly apply to personal information

Answer: C

Explanation:
Third-party risk management (TPRM) is the process of identifying, assessing, and mitigating the risks associated with outsourcing business activities or functions to external entities. TPRM is influenced by various regulations that aim to protect the interests of customers, stakeholders, and regulators from the potential harm caused by third-party failures or misconduct. These regulations may vary depending on the industry, jurisdiction, and nature of the third-party relationship. Therefore, it is important for organizations to update their inventory of regulations that impact their TPRM program during their annual risk assessment, and prioritize the regulations that are most relevant and critical for their business objectives and risk appetite.
The optimal approach to prioritizing the regulations is to identify the applicable regulations that require an extension of specific obligations to service providers. This means that the organization should focus on the regulations that impose certain requirements or expectations on the organization and its third-party partners, such as data protection, security, compliance, reporting, auditing, or performance standards. These regulations may also specify the roles and responsibilities of the organization and the service provider, the scope and frequency of due diligence and monitoring activities, the contractual clauses and terms, and the remediation and termination procedures. By identifying these regulations, the organization can ensure that its TPRM program is aligned with the regulatory expectations and obligations, and that it can effectively manage and mitigate the risks associated with its third-party relationships.
Some examples of regulations that require an extension of specific obligations to service providers are:
* The General Data Protection Regulation (GDPR): This is a European Union regulation that governs the collection, processing, and transfer of personal data of individuals in the EU. The GDPR requires organizations to implement appropriate technical and organizational measures to protect the personal data, and to only engage with service providers that can provide sufficient guarantees of data protection.
The GDPR also requires organizations to enter into written contracts with their service providers that specify the subject matter, duration, nature, and purpose of the data processing, as well as the rights and obligations of both parties. The GDPR also imposes strict notification and reporting requirements in case of data breaches or violations.
* The Health Insurance Portability and Accountability Act (HIPAA): This is a US federal law that regulates the privacy and security of health information of individuals. The HIPAA requires covered entities, such as health care providers, health plans, and health care clearinghouses, to safeguard the health information of their patients, and to only disclose or share it with authorized parties. The HIPAA also requires covered entities to enter into business associate agreements with their service providers that handle or access the health information on their behalf. These agreements must specify the permitted and required uses and disclosures of the health information, the safeguards and measures to protect the health information, and the reporting and notification obligations in case of breaches or incidents.
* The Sarbanes-Oxley Act (SOX): This is a US federal law that aims to improve the accuracy and reliability of corporate financial reporting and disclosure. The SOX requires public companies to establish and maintain internal controls over their financial reporting processes, and to assess and report on the effectiveness of these controls. The SOX also requires public companies to ensure that their external auditors are independent and qualified, and to disclose any material weaknesses or deficiencies in their internal controls. The SOX also applies to the service providers that perform or support the financial reporting functions of the public companies, such as accounting firms, information technology vendors, or consultants. The SOX requires public companies to evaluate and monitor the internal controls of their service providers, and to include them in their scope of audit and reporting.
References:
* Third-Party Risk Management and Mitigation | Gartner
* Best Practices to Jumpstart Third-Party Risk Management Program
* Third-party risk management best practices and why they matter
* GDPR and Third-Party Risk Management
* HIPAA Compliance for Business Associates and Third-Party Service Providers
* SOX Compliance Requirements for Third-Party Service Providers

NEW QUESTION # 32
Imagine a data breach in a large corporation where sensitive customer data is compromised. What is the primary goal of the initial incident response?

• A. Organize a press conference to manage public relations and disclosure requirements
• B. Review the effectiveness of deployed security measures and update as necessary
• C. Determine the extent of the compromise and the type of attack to prevent further escalation
• D. Assess the financial impact of the breach on the organization's market position

Answer: C

Explanation:
The primary goal in the initial response to a data breach is to determine the extent of the compromise and identify the type of attack. This understanding is crucial to prevent further escalation and to start formulating an effective containment and recovery strategy.

NEW QUESTION # 33
Which of the following topics is LEAST important when evaluating a service provider's Security and Privacy Awareness Program?

• A. Training on acceptable use and data safeguards based on organization's policies
• B. Training on whistleblower compliance issue reporting mechanisms
• C. Training on phishing and social engineering risks and expected actions for employees and contractors
• D. Training that is designed based on role, job scope, or level of access

Answer: B

Explanation:
While whistleblower compliance issue reporting mechanisms are important for ensuring ethical conduct and accountability within an organization, they are not directly related to the security and privacy awareness of the service provider's employees and contractors. The other topics are more relevant for assessing the service provider's ability to protect the organization's sensitive data and systems from external and internal threats, such as phishing, social engineering, unauthorized access, data breaches, etc. Therefore, B is the least important topic when evaluating a service provider's Security and Privacy Awareness Program. References:
* Shared Assessments CTPRP Study Guide, page 43, section 4.2.3: Security and Privacy Awareness Program
* Third-Party Security: 8 Steps To Assessing Risks And Protecting Your Ecosystem, step 4: Evaluate the vendor's security awareness and training program
* What Is Third-Party Risk Management, section: How to Implement a Third-Party Risk Management Program, bullet point: Security and privacy awareness training

NEW QUESTION # 34
......

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