Shared Assessments CTPRP Exam With Confidence Using Practice Dumps

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

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

 Risk culture is the term used to describe the collective way that an organization thinks about, manages, and responds to risk. It is influenced by the organization’s values, beliefs, norms, and practices, as well as the external environment and stakeholders. Risk culture affects how employees perceive, communicate, and act on risk issues, and how they balance risk and reward in their decision making. A strong risk culture is one that supports the organization’s strategic objectives, fosters accountability and transparency, and promotes learning and improvement. A weak risk culture is one that undermines the organization’s risk management framework, creates silos and conflicts, and exposes the organization to excessive or unnecessary risks. References:

• Shared Assessments CTPRP Study Guide, page 13, section 2.1.1
• GARP Best Practices Guidance for Third Party Risk, page 5, section 2.1
• Organizational culture | Definition, Benefits and Challenges