GRCP

GRCP practice questions, page 3 of 4, with answer review and explanations.

Question 11

In the context of Total Performance, what does it mean for an education program to be “Antifragile”?

  1. The education program is formally documented and consistently managed so that it will not break under pressure.
  2. The education program can quickly respond to changes and promptly detect and correct errors that might otherwise cause it to break.
  3. The education program has contingency plans for system failures, slack in education timelines for unplanned distractions, and backup staff in case of unexpected absences.
  4. The education program is cost-effective and minimizes expenses.

Question 12

In the Lines of Accountability Model, what is the role of the Third Line?

  1. Individuals and Teams who establish performance, risk, and compliance programs for the First and Second Line and provide oversight through frameworks, standards, policies, tools, and techniques.
  2. Individuals and Teams who provide a high level of assurance on activities performed by the First Line and Second Line.
  3. Individuals and Teams who own and manage performance, risk, and compliance associated with day-to-day operational activities.
  4. Individuals and Teams who oversee the procurement and supply chain operations of the organization.

Question 13

In the Lines of Accountability Model, what is the role of the Second Line?

  1. Individuals and Teams who manage external relationships with stakeholders, investors, and regulators.
  2. Individuals and Teams who provide legal advice and support to the organization in case of disputes or litigation.
  3. Individuals and Teams who are responsible for financial reporting and budgeting activities within the organization.
  4. Individuals and Teams who establish performance, risk, and compliance programs for the First Line and provide oversight through frameworks, standards, policies, tools, and techniques.

Question 14

What are the two key factors that determine the level of assurance provided by an assurance provider?

  1. Assurance Efficiency and Assurance Effectiveness
  2. Assurance Objectivity and Assurance Competence
  3. Assurance Transparency and Assurance Accountability
  4. Assurance Consistency and Assurance Reliability

Question 15

What does the term “reliably” refer to in the context of Principled Performance?

  1. Being flexible, adaptable, and innovative in achieving objectives
  2. Being consistent, dependable, and transparent in achieving objectives, addressing uncertainty, and acting with integrity
  3. Being authoritative, dominant, and assertive in leadership so everyone can rely on their understanding of what is required of them
  4. Being cautious, risk-averse, and conservative in decision-making