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Third Party Risk Management CTPRP Dumps PDF

Page: 7 / 9
Total 125 questions

Certified Third-Party Risk Professional (CTPRP) Questions and Answers

Question 25

An outsourcer's vendor risk assessment process includes all of the following EXCEPT:

Options:

A.

Establishing risk evaluation criteria based on company policy

B.

Developing risk-tiered due diligence standards

C.

Setting remediation timelines based on the severity level of findings

D.

Defining assessment frequency based on resource capacity

Question 26

Which type of contract provision is MOST important in managing Fourth-Nth party risk after contract signing and on-boarding due diligence is complete?

Options:

A.

Subcontractor notice and approval

B.

Indemnification and liability

C.

Breach notification

D.

Right to audit

Question 27

Which statement is FALSE regarding the methods of measuring third party risk?

Options:

A.

Risk can be measured both qualitatively and quantitatively

B.

Risk can be quantified by calculating the severity of impact and likelihood of occurrence

C.

Assessing risk impact requires an analysis of prior events, frequency of occurrence, and external trends to analyze and predict the potential of a particular event happening

D.

Risk likelihood or probability is a critical element in quantifying inherent or residual risk

Question 28

Which statement is FALSE regarding the different types of contracts and agreements between outsourcers and service providers?

Options:

A.

Contract addendums are not sufficient for addressing third party risk obligations as each requirement must be outlined in the Master Services Agreement (MSA)

B.

Evergreen contracts are automatically renewed for each party after the maturity period, unless terminated under existing contract provisions

C.

Requests for Proposals (RFPs) for outsourced services should include mandatory requirements based on an organization's TPRM program policies, standards and procedures

D.

Statements of Work (SOWs) define operational requirements and obligations for each party

Page: 7 / 9
Total 125 questions