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| Section | Weight | Objectives |
|---|---|---|
| Topic 1: Policies, Procedures and Controls | 15-20% | - Control Design and Implementation - Policy Framework Development - Control Automation - Control Testing and Monitoring |
| Topic 2: Technology and Data Analytics | 10-15% | - GRC Technology Platforms - Dashboard and Visualization - Artificial Intelligence in GRC - Data Collection and Analysis |
| Topic 3: Context Setting | 10-15% | - Organizational Culture and Values - Legal, Regulatory and Contractual Requirements - Business Objectives and Strategy Alignment - Stakeholder Identification and Analysis |
| Topic 4: Communication, Reporting and Assurance | 15-20% | - Assurance and Audit Integration - Reporting to Stakeholders - Effective Communication Strategies - Continuous Monitoring |
| Topic 5: Risks and Opportunities | 20-25% | - Risk Identification and Assessment - Key Risk Indicators (KRIs) - Opportunity Management - Risk Appetite and Tolerance - Risk Response and Mitigation Strategies |
| Topic 6: GRC Fundamentals | 15-20% | - The Three Lines Model - GRC Basic Concepts and Terminology - GRC Capability Model - Integrated GRC Philosophy |
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NEW QUESTION # 177
Which of these would not trigger the reconsideration of internal factors within an organization?
Answer: B
Explanation:
Ordinaryseasonal fluctuations in purchasesare predictable and typically accounted for in existing business plans, so they do not necessitate a reconsideration of internal factors.
* Why Ordinary Seasonal Fluctuations Are Excluded:
* These variations are expected and manageable within normal operating procedures.
* They do not signify a fundamental change requiring strategic reassessment.
* Triggers for Reconsidering Internal Factors:
* A: External economic conditions may require internal adjustments to mitigate risks.
* C: Competitive actions can influence market positioning and internal strategies.
* D: Regulatory changes necessitate compliance adjustments.
References:
* PESTEL Analysis: Highlights when external factors may necessitate changes in internal contexts.
* COSO ERM Framework: Links external triggers to internal strategy revisions.
NEW QUESTION # 178
What are some examples of informal mechanisms that can capture notifications within an organization?
Answer: B
Explanation:
Informal mechanismsfor capturing notifications are channels that encourage open and direct communication, fostering a culture where employees and stakeholders feel comfortable reporting concerns.
* Examples of Informal Mechanisms:
* Open-Door Policy: Employees are encouraged to approach management directly with issues or concerns.
* Direct Communication with Management: Enables real-time, informal discussions to raise and address concerns.
* Why Other Options Are Incorrect:
* B: Public announcements and press releases are formal and external communications, not mechanisms for capturing internal notifications.
* C: Standard reporting forms are formal tools, not informal mechanisms.
* D: Audits and third-party assessments are structured evaluations, not informal channels.
References:
* Corporate Communication Models: Discuss the importance of informal mechanisms in fostering open communication.
* OCEG GRC Capability Model: Emphasizes informal notification pathways as part of an effective reporting culture.
NEW QUESTION # 179
The Critical Disciplines skills of Audit & Assurance help organizations through which of the following?
Answer: D
Explanation:
Audit & Assurance skills play a vital role in building trust and confidence within an organization and with its stakeholders. These skills help organizations establish a structured approach to evaluating and validating processes, controls, and systems for better decision-making. Here's how the correct answer applies:
Prioritizing Assurance Activities:
Organizations need to focus their assurance efforts on critical areas that pose the highest risks or have the most significant impact on strategic objectives.
Frameworks like COSO Internal Control highlight the importance of scoping assurance to the most critical business processes.
Planning and Performing Assessments:
Audit professionals create and execute plans to assess operational, financial, and compliance-related processes.
This involves collecting evidence, analyzing findings, and reporting results in alignment with standards like the International Standards for the Professional Practice of Internal Auditing (IIA Standards).
Using Testing Techniques:
Auditors employ various testing methods, such as walkthroughs, substantive testing, and sampling, to evaluate the effectiveness of controls.
Communicating to Enhance Confidence:
Effective communication of audit results to stakeholders ensures transparency, builds trust, and supports better decision-making.
Incorrect Options:
A: Managing mergers and acquisitions and conducting due diligence are activities primarily linked to financial strategy and corporate development, not audit.
B: Setting direction and aligning strategies are governance and leadership responsibilities, not core audit and assurance skills.
D: Identifying and managing risks falls under risk management and crisis response rather than audit and assurance disciplines.
References and Resources:
International Standards for the Professional Practice of Internal Auditing (IIA) COSO Internal Control - Integrated Framework ISO 19011:2018 - Guidelines for Auditing Management Systems
NEW QUESTION # 180
How does assurance help management and stakeholders gain confidence?
Answer: B
NEW QUESTION # 181
What is the term used to describe the level of risk in the absence of actions and controls?
Answer: A
Explanation:
Inherent Riskrefers to the level of risk presentbefore any mitigation actions or controls are applied.
* Definition:
* It represents the natural level of risk associated with an activity or environment without considering risk management measures.
* Contrasted with Residual Risk:
* Residual Riskis the risk remaining after mitigation efforts are applied.
* Why Other Options Are Incorrect:
* A(Uncontrolled Risk): Not a standard risk management term.
* C(Vulnerability): Refers to weaknesses that increase susceptibility to risk, not the risk level itself.
* D(Residual Risk): Comes after controls are applied, opposite to inherent risk.
References:
* COSO ERM Framework: Discusses inherent risk as a baseline for evaluating control effectiveness.
* ISO 31000 (Risk Management): Explains inherent risk in the context of risk assessments.
NEW QUESTION # 182
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