Master OCEG GRCA Exam with Reliable Practice Questions

Correct : B

The statement that producing value and protecting value are trade-offs and cannot be done at the same time is false. In fact, both can and should be pursued concurrently. Effective governance, risk management, and compliance (GRC) strategies integrate the production of value (achieving business objectives and growth) with the protection of value (safeguarding assets, ensuring compliance, and managing risks). This integrated approach ensures sustainable performance and long-term success. Organizations that balance both aspects can achieve principled performance by reliably achieving objectives, addressing uncertainty, and acting with integrity. Reference:

ISO 31000:2018 - Risk management -- Guidelines

COSO Enterprise Risk Management -- Integrating with Strategy and Performance

Correct : B

Compliance is defined as a measure of the degree to which obligations and requirements are addressed. It involves adhering to laws, regulations, policies, and standards that are relevant to the organization. Compliance ensures that the organization meets its legal and ethical obligations, thereby avoiding legal penalties, reputational damage, and operational disruptions. Effective compliance programs involve continuous monitoring, training, and auditing to ensure all requirements are met and maintained. Reference:

ISO 19600:2014 - Compliance management systems - Guidelines

NIST SP 800-37 Rev. 2 - Risk Management Framework for Information Systems and Organizations

Correct : B

Achieving principled performance means reliably achieving objectives, addressing uncertainty, and acting with integrity. This concept integrates the management of performance, risk, and compliance to ensure that an organization not only meets its goals but does so ethically and sustainably. It involves creating a culture of accountability, transparency, and ethical behavior while systematically managing risks and ensuring compliance with relevant regulations and standards. Principled performance is about achieving success while maintaining high standards of integrity and responsibility. Reference:

OCEG (Open Compliance and Ethics Group) Red Book GRC Capability Model

ISO 37001:2016 - Anti-bribery management systems

Correct : H

GRC (Governance, Risk, and Compliance) integrates multiple disciplines to create a cohesive approach to managing an organization's overall governance, risk management, and compliance with regulations. The integrated disciplines include:

Audit and Assurance: Ensuring internal controls are effective and compliance with laws and policies.

Governance and Oversight: Establishing frameworks and policies to guide the organization.

Strategy and Performance Management: Aligning risk management and compliance with strategic objectives.

Quality and Conformance: Ensuring products/services meet regulatory and customer standards.

Information Privacy and Security: Protecting sensitive data and ensuring information security.

Compliance and Ethics: Adhering to legal requirements and promoting ethical behavior.

Risk and Decision Support: Identifying, assessing, and mitigating risks to support decision-making.

The integration of these disciplines ensures a comprehensive approach to managing risks and achieving organizational objectives.

OCEG GRC Capability Model (Red Book)

ISO 31000:2018 - Risk management -- Guidelines

COSO Enterprise Risk Management -- Integrating with Strategy and Performance

Correct : B

Performance is most associated with a 'measure of how well we are addressing opportunities.' Performance management focuses on setting goals, monitoring progress, and evaluating outcomes to ensure that an organization is effectively taking advantage of opportunities to achieve its objectives. It involves measuring and managing activities that lead to improved efficiency, effectiveness, and innovation. By addressing opportunities, organizations can enhance their performance and create value. Reference:

ISO 9001:2015 - Quality management systems -- Requirements

Balanced Scorecard Institute - Performance Management Framework