GRCP

Review 100 GRCP practice questions with answer explanations and community insights.

Question 1

To what does the concept of “reliably” apply in Principled Performance?

  1. Reliably is a concept that applies only to audit and assurance.
  2. Reliably is a concept that applies to all aspects of the definition of Principled Performance and means to reliably achieve objectives, reliably address uncertainty, and reliably act with integrity.
  3. Reliably is a concept that applies only to objectives.
  4. Reliably is a concept that applies only to uncertainty.

Question 2

What does the initialism GRC stand for?

  1. Government, regulation, and controls
  2. Governance, risk, and compliance
  3. Governance, risk, and controls
  4. Governing risk and compliance

Question 3

GRC Professionals, known as “Protectors”, work to achieve a specific goal referred to as Principled Performance.Which of the following best describes Principled Performance®?

  1. To eliminate all risks and uncertainties
  2. To reliably achieve objectives, address uncertainty, and act with integrity – to produce and preserve value simultaneously
  3. To ensure compliance with all legal requirements
  4. To maximize profits and minimize losses

Question 4

What is the essence or the central meaning of GRC?

  1. A system for monitoring and evaluating the performance of employees and teams
  2. A set of guidelines and regulations for corporate governance and ethical conduct
  3. A connected and integrated approach that provides a pathway to Principled Performance by overcoming VUCA and disconnection
  4. A framework for managing financial risks and ensuring fiscal responsibility

Question 5

Which organization and its membership created the concepts of Principled Performance and GRC?

  1. ISACA (Information Systems Audit and Control Association)
  2. IAPP (International Association of Privacy Professionals)
  3. The Financial Accounting Standards Board (FASB)
  4. AICPA (American Institute of Certified Public Accountants)
  5. SCCE (Society of Corporate Compliance and Ethics)
  6. The International Organization for Standardization (ISO)
  7. ACFE (Association of Certified Fraud Examiners)
  8. IIA (Institute of Internal Auditors)
  9. I. IFAC (International Federation of Accountants)
  10. J. The OCEG community of GRC Professionals
  11. K. IMA (Institute of Management Accountants)
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