GRCP Practice Exam Questions and Answers

A.  

Audit & Assurance

B.  

Governance & Oversight

C.  

Risk & Decisions

D.  

Compliance & Ethics

A.  

A values statement reflects the shared beliefs and expectations of the organization's leadership, employees, and stakeholders and serves as a guide for establishing a positive and productive organizational culture.

B.  

A values statement is a legal document that outlines the financial obligations and liabilities of the organization that contribute to its value.

C.  

A values statement is a formal agreement between the organization and its suppliers to ensure the timely delivery of goods and services that are essential to building the organization’s value.

D.  

A values statement is a marketing tool used to attract new customers and investors to the organization.

A.  

Accountable

B.  

Visionary

C.  

Versatile

D.  

Intradisciplinary

A.  

Compliance is a measure of the degree to which obligations are proven to be addressed, and it is measured by assessing requirements, actions & controls to address requirements, and evidence of effectiveness.

B.  

Compliance is the ability to avoid legal disputes, and it is measured by the number of lawsuits and enforcement actions filed against the organization.

C.  

Compliance is the financial success of the organization, and it is measured by revenue and profit margins.

D.  

Compliance is the level of stakeholder satisfaction measured through stakeholder surveys and feedback.

A.  

To reduce the overall cost of employee compensation and benefits.

B.  

To reduce the need for performance reviews and evaluations.

C.  

To discourage employees from seeking employment opportunities elsewhere.

D.  

To encourage the right proactive, detective, and responsive conduct in the workforce and extended enterprise.

A.  

Through open and transparent acknowledgment of the identified unfavorable conduct or events and acceptance of responsibility by the CEO.

B.  

Through the application of responsive actions and controls that recover from unfavorable conduct, events, and conditions; correct identified weaknesses; execute necessary discipline; recognize and reinforce favorable conduct; and deter future undesired conduct or conditions.

C.  

Through the use of both technology and physical actions and controls to recover from negative conduct and conditions, correct identified weaknesses, and establish barriers to future misconduct.

D.  

Through focusing on promoting positive behavior and establishing reward systems for employees who identify weaknesses in the systems of control.

A.  

Hazard

B.  

Prospect

C.  

Opportunity

D.  

Obstacle

A.  

Determining the level of risk-taking that each employee is comfortable with.

B.  

Assessing the organization's ability to attract and retain top talent that is willing to take risks to achieve objectives.

C.  

Evaluating the organization’s risk appetite and tolerance levels for each type of risk.

D.  

Analyzing the climate and mindsets about how the workforce perceives risk, its impact on work, and its integration with decision-making.

A.  

Quality, Safety, Compliance, and Sustainability.

B.  

Effective, Efficient, Agile, and Resilient.

C.  

Leadership, Collaboration, Innovation, and Diversity.

D.  

Revenue, Profit, Market Share, and Growth.

A.  

A formal structure that is established by the leadership of an organization to ensure compliance with requirements, whether they are mandatory or voluntary obligations of the organization.

B.  

An emergent property of a group of people caused by the interaction of individual beliefs, values, mindsets, and behaviors, and demonstrated by observable norms and articulated opinions.

C.  

A set of written rules and guidelines that dictate the behavior of individuals within an organization.

D.  

A collection of artifacts, symbols, and rituals that represent the history of an organization.