TPRM Quiz

TPRMSummit2024

TPRM Quiz

Please enter your full name, email address and location for certificate/score-generations! You will receive only if you score above 70%.

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Category: 5th TPRM Roundtable 2024

1. In the context of third-party risk management, what does the term "four eyes principle" refer to?

A. A requirement for vendors to have at least four years of experience in the industry.

B. An approach where four different risk assessment methodologies are used simultaneously.

C. A practice where two individuals must review and approve critical decisions or actions.

D. A strategy where four vendors are involved in every decision-making process.

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Category: 5th TPRM Roundtable 2024

2. Please mention the TPRM topics on which you would like to get a KT!
(feedback question - unscored)

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Category: 5th TPRM Roundtable 2024

How was the roundtable ?

(a) Interesting

(b) Boring

(c) Informative

(d) Lengthy

Please mention the option in the answer-box below
3. (feedback question - unscored)

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Category: TPRMSummit2024

4. Which of the following is NOT a typical component of third-party risk management?

A. Internal audit scheduling

B. Vendor performance evaluation

C. Risk assessment

D. Contract negotiation

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Category: TPRMSummit2024

5. What role does continuous monitoring play in third-party risk management?

A. It ensures that vendors comply with regulatory requirements only during the onboarding process.

B. It focuses solely on financial audits of vendors

C. It provides real-time insights into the evolving risks associated with vendor relationships (including fourth parties)

D. It is unnecessary once the vendor relationship is established.

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Category: TPRMSummit2024

6. Which of the following is NOT a category of third-party risk?

A. Technological risk

B. Operational risk

C. Financial risk

D. Employee satisfaction risk

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Category: TPRMSummit2024

7. ___________ is described as “the amount of risk that an organization is willing to accept to achieve its objectives.”

A. Risk Appetite

B. Residual Risk

C. Risk Tolerance

D. Risk Capacity

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Category: TPRMSummit2024

8. Which of the following controls is an example of non-technical controls?

A. Access control

B. Encryption

C. Physical security

D. Intrusion detection system

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Category: TPRMSummit2024

9. Which of the following risk management roles is part of first line of defense?

A. Internal Audits

B. Information and technology security team

C. Risk owner

D. Compliance

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Category: TPRMSummit2024

10. True or False:

Inherent risk is current risk level given the existing set of controls rather than the hypothetical notion of an absence of any controls.

Residual risk would then be whatever risk level remain after additional controls are applied.

A. False

B. True

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Category: TPRMSummit2024

11. According to the three lines of defense model, where would the data ethics function MOST likely reside in an enterprise?

A. Board of Directors

B. The third line of defense

C. The first line of defense

D. The second line of defense

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Category: TPRMSummit2024

12. What is the key difference between qualitative and quantitative risk analysis?

A. Qualitative analysis is subjective, while quantitative analysis is objective and numeric

B. Qualitative analysis assesses the probability, while quantitative analysis assesses the impact

C. Qualitative analysis uses numerical values, while quantitative analysis uses descriptive terms

D. Qualitative analysis is used for financial risks, while quantitative analysis is used for operational risks

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Category: TPRMSummit2024

13. What is the purpose of a risk register?

A. To register and track project expenses

B. To document and manage identified risks

C. To communicate with stakeholders

D. To schedule project tasks

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Category: TPRMSummit2024

14. In the risk management process, what does the term "mitigation" refer to?

A. Ignoring risks

B. Accepting all risks without any action

C. Transferring risks to a third party

D. Reducing the probability or impact of a risk

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Category: TPRMSummit2024

15. What does the acronym "SWOT" stand for in risk analysis?

A. Strategy, Work, Optimization, Tactics

B. Systematic, Widespread, Operational, Trends

C. Strengths, Weaknesses, Opportunities, Threats

D. Safety, Workflow, Objectives, Training

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Category: TPRMSummit2024

16. What is the difference between a risk and an issue in project management?

A. Risk is positive, and an issue is negative

B. Risk and issue are interchangeable terms

C. Risk is short-term, and an issue is long-term

D. Risk is uncertain, and an issue is a known problem

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Category: TPRMSummit2024

17. Which type of risk refers to the potential loss of data due to unauthorized access or cyberattacks?

A. Strategic risk

B. Cybersecurity risk

C. Financial risk

D. Operational risk

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