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CTPRP Valid Test Prep | CTPRP New Braindumps Pdf

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Shared Assessments Certified Third-Party Risk Professional (CTPRP) Sample Questions (Q348-Q353):

NEW QUESTION # 348
What is an example of a risk treatment option that involves shifting the responsibility of the risk to another entity?

A. Negotiating terms and conditions through contracts
B. Establishing an internal control system to limit exposure
C. Applying insurance policies to cover potential losses
D. Reducing the risk by implementing advanced technologies

Answer: A

Explanation:
This is the correct answer because risk transfer involves shifting risk responsibilities to another party, which typically requires negotiating contract terms to clearly define the scope and limits of this transfer.

NEW QUESTION # 349
Which statement is FALSE regarding the risk factors an organization may include when defining TPRM compliance requirements?

A. Organizations incorporate the use of external standards and frameworks to align and map TPRM compliance requirements to industry practice
B. Organizations rely on regulatory mandates to define and structure TPRM compliance requirements
C. Organizations define TPRM policies based on the company's risk appetite to shape requirements based on the services being outsourced
D. Organizations include TPRM compliance requirements within vendor contracts, and periodically review and update mandatory contract provisions

Answer: B

Explanation:
TPRM compliance requirements are the rules and expectations that an organization must follow when engaging with third parties, such as vendors, suppliers, partners, or contractors. These requirements are derived from various sources, such as laws, regulations, standards, frameworks, contracts, policies, and best practices. However, relying solely on regulatory mandates to define and structure TPRM compliance requirements is a false statement, because123:
* Regulatory mandates are not the only source of TPRM compliance requirements. Organizations may also need to consider other factors, such as industry benchmarks, customer expectations, stakeholder interests, ethical principles, and social responsibility.
* Regulatory mandates are not always comprehensive, clear, or consistent. Organizations may face different or conflicting regulations across jurisdictions, sectors, or domains. Organizations may also need to interpret and apply the regulations to their specific context and risk profile, which may require additional guidance or expertise.
* Regulatory mandates are not always sufficient, effective, or efficient. Organizations may need to go beyond the minimum requirements of the regulations to achieve their business objectives, mitigate their risks, or enhance their performance. Organizations may also need to adopt more flexible, scalable, and innovative approaches to TPRM compliance, rather than following a rigid, one-size-fits-all, or check-the-box model.
Therefore, the correct answer is B. Organizations rely on regulatory mandates to define and structure TPRM compliance requirements, as this is a false statement regarding the risk factors an organization may include when defining TPRM compliance requirements. References:
* 1: Understanding TPRM Compliance: A Comprehensive Guide | Prevalent
* 2: What Is Third-Party Risk Management (TPRM)? 2024 Guide | UpGuard
* 3: Third-Party Risk Management and ISO Requirements for 2022 | Reciprocity

NEW QUESTION # 350
Considering a robust cloud hosting vendor assessment, why is it important to verify the procedures for deleting image snapshots?

A. Reviewing the frequency of security audits conducted on the image snapshot storage systems.
B. Ensuring that image snapshots are stored in at least three different locations to provide geographic redundancy.
C. Analyzing the scalability of image snapshot processes to handle increasing data volumes effectively.
D. Validation that deletion protocols for image snapshots include comprehensive logs and verifiable trails to confirm proper disposal.

Answer: D

Explanation:
Deletion protocols with logs and verification trails are crucial to ensure that when data is deleted, it is irrecoverable, maintaining compliance with data protection regulations and preventing unauthorized data recovery.

NEW QUESTION # 351
Which type of external event does NOT trigger an organization ta prompt a third party contract provisions review?

A. Business continuity event
B. Change in regulations
C. Change in company point of contact
D. Data breach/privacy incident

Answer: C

Explanation:
A change in company point of contact does not necessarily trigger an organization to prompt a third party contract provisions review, unless the contract specifically requires such a notification or approval. A change in company point of contact may affect the communication and relationship between the parties, but it does not affect the legal terms and obligations of the contract. However, other types of external events, such as business continuity events, data breaches/privacy incidents, and changes in regulations, may have a significant impact on the performance, compliance, and risk of the contract, and therefore may require a review of the contract provisions to ensure that they are still valid, enforceable, and aligned with the parties' expectations and objectives. For example, a business continuity event may disrupt the delivery of goods or services, a data breach/privacy incident may expose confidential or personal information, and a change in regulations may impose new obligations or liabilities on the parties. These events may trigger clauses such as force majeure, termination, indemnification, or dispute resolution, and may require the parties to renegotiate or amend the contract accordingly. References:
* Third-Party Contract Reviews: Determining Your Best Options
* Third party contracts: best practices for third party paper
* What to Look For When Reviewing Third-Party Contracts
* CTPRP Job Guide

NEW QUESTION # 352
Which statement BEST reflects the factors that help you determine the frequency of cyclical assessments?

A. Vendor assessment frequency should be based on the level of risk and criticality of the vendor to your operations as determined by their vendor risk score
B. Vendor assessments should be scheduled based on the type of services/products provided
C. Vendor assessments should be conducted during onboarding and then be replaced by continuous monitoring
D. Vendor assessment frequency may need to be changed if the vendor has disclosed a data breach

Answer: A

Explanation:
The frequency of cyclical assessments is one of the key factors that determines the effectiveness and efficiency of a TPRM program. Cyclical assessments are periodic reviews of the vendor's performance, compliance, and risk posture that are conducted after the initial onboarding assessment. The frequency of cyclical assessments should be aligned with the organization's risk appetite and tolerance, and should reflect the level of risk and criticality of the vendor to the organization's operations. A common approach to determine the frequency of cyclical assessments is to use a vendor risk score, which is a numerical value that represents the vendor's inherent and residual risk based on various criteria, such as the type, scope, and complexity of the services or products provided, the vendor's security and privacy controls, the vendor's compliance with relevant regulations and standards, the vendor's past performance and incident history, and the vendor's business continuity and disaster recovery capabilities. The vendor risk score can be used to categorize the vendors into different risk tiers, such as high, medium, and low, and assign appropriate frequencies for cyclical assessments, such as annually, biannually, or quarterly. For example, a high-risk vendor may require an annual assessment, while a low-risk vendor may require a biannual or quarterly assessment. The vendor risk score and the frequency of cyclical assessments should be reviewed and updated regularly to account for any changes in the vendor's risk profile or the organization's risk appetite.
The other three statements do not best reflect the factors that help you determine the frequency of cyclical assessments, as they are either too rigid, too vague, or too reactive. Statement A implies that vendor assessments are only necessary during onboarding and can be replaced by continuous monitoring afterwards.
However, continuous monitoring alone is not sufficient to ensure the vendor's compliance and risk management, as it may not capture all the aspects of the vendor's performance and risk posture, such as contractual obligations, service level agreements, audit results, and remediation actions. Therefore, vendor assessments should be conducted during onboarding and at regular intervals thereafter, complemented by continuous monitoring. Statement C suggests that vendor assessments should be scheduled based on the type of services or products provided, without considering the other factors that may affect the vendor's risk level and criticality, such as the vendor's security and privacy controls, the vendor's compliance with relevant regulations and standards, the vendor's past performance and incident history, and the vendor's business continuity and disaster recovery capabilities. Therefore, statement C is too vague and does not provide a clear and consistent basis for determining the frequency of cyclical assessments. Statement D indicates that vendor assessment frequency may need to be changed if the vendor has disclosed a data breach, implying that the frequency of cyclical assessments is only adjusted in response to a negative event. However, this approach is too reactive and may not prevent or mitigate the impact of the data breach, as the vendor's risk level and criticality may have already increased before the data breach occurred. Therefore, statement D does not reflect a proactive and risk-based approach to determining the frequency of cyclical assessments. References:
* Third-Party Risk Management 101: Guiding Principles
* Mastering the TPRM Lifecycle
* Third Party Risk Management Maturity Assessment

NEW QUESTION # 353
......

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