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| Section | Weight | Objectives |
|---|---|---|
| Topic 1: Application Configuration | 25% | - Configure third-party types and categories - Configure TPRM foundational elements - Configure questionnaire templates - Configure risk assessment templates |
| Topic 2: Questionnaire Management | 20% | - Build questionnaires using sections and questions - Configure questionnaire workflows - Assign questionnaires to third parties - Create and manage questionnaires |
| Topic 3: Remediation and Monitoring | 15% | - Create and track remediation tasks - Implement due diligence processes - Generate risk dashboards and reports - Configure monitoring workflows |
| Topic 4: Risk Assessment and Scoring | 20% | - Configure risk calculation models - Automate risk scoring workflows - Define risk thresholds and matrices - Implement inherent and residual risk scoring |
| Topic 5: Third-party Management | 20% | - Track third-party relationships and tiers - Implement third-party lifecycle management - Manage third-party registry - Configure SLA requirements |
1. In the context of Third-party Portfolio Configuration, what is a best practice for maintaining an up-to-date risk profile?
Response:
A) Conducting annual reviews only
B) Implementing real-time monitoring of third-party changes
C) Limiting assessments to high-risk vendors
D) Relying on historical data
2. To effectively manage and resolve issues, it''s essential to have a robust __________ system in place.
Response:
A) Task Management
B) Workflow Approval Process
C) Third-party Risk Issue Configuration
D) Vendor Onboarding Process
3. What does Core Configuration typically involve in Third-Party Risk Management systems?
Response:
A) Customizing report templates
B) Defining risk assessment methodologies
C) Setting user permissions and roles
D) All of the above
4. What is the primary purpose of implementing Approval and Workflow Process Changes in Third-party Risk Management?
Response:
A) To increase the cost efficiency of third-party services
B) To ensure that changes in risk management processes are systematically reviewed and approved
C) To enhance the security posture of third-party vendors
D) To decrease the time it takes to onboard new third-party vendors
5. What is a crucial aspect to consider when assigning tasks in third-party risk management to ensure effectiveness?
Response:
A) Randomly assigning tasks to available personnel
B) Limiting task assignments to high-level management
C) Allowing third-party vendors to choose their tasks
D) Ensuring tasks align with the individuals, expertise and responsibilities
Solutions:
| Question # 1 Answer: A | Question # 2 Answer: C | Question # 3 Answer: B | Question # 4 Answer: A | Question # 5 Answer: D |
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