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GRC > GRC - governance, risk and compliance > Flashcards

GRC - governance, risk and compliance Flashcards

1
Q

Governance

A

set of rules principles, policies that an organization must achieve in order to align with its business goals

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2
Q

Risk management

A

Identifying, evaluating and monitoring the risk (legal, financial, security)
=> creates value and contribute to achievement of objectives + improvement of performance

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3
Q

Risk management system

A

Technologies + people + processes => enforce risk mitigation

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4
Q

Framework for Risk

A

ISO 31 000: guidelines for managing risks

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5
Q

Framework for Governance

A

ISO/IEC 38500:2015: Governance is part of corporate governance

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6
Q

IT management

A

internal + present oriented focus

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7
Q

IT governance

A

external + future oriented focus

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8
Q

Compliance

A

ORG adhering to government regulation, industrial standards and internal policies (failure: financial penalties + legal issues)

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9
Q

Success of compliance

A

ORG should track and control internal + external compliance requirements and provide training to employees

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10
Q

Digital trust

A

confidence in the integrity of the interactions among providers and consumers within a digital ecosystem

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11
Q

Digital trust relevance

A

brand reputation + operational resilience

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12
Q

Key factors of DT

A

quality, availability, security, privacy, ethics, transparency, honesty, resiliency

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13
Q

GRC capability model 3.5 (OCEG)

A

integrates risk governance and audit, ethics/culture, IT and compliance

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14
Q

OCEG

A

open compliance and ethics group
=> help solve problems using interdisciplinary approach

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15
Q

4 components of GRC capability model

A

Learn
Align
Perform
Review

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16
Q

Dimensions to assess total performance

A

Effectiveness
Efficiency
Agility
Resilience

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17
Q

Structure of GRC Capability model 3.5

A

GRC concepts
GRC capabilities
GRC glossary

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18
Q

Principled performance

A

Reliability
Achieving objectives
Address uncertainty
Act with integrity

19
Q

Assurance

A

provides reliability and confidence to management

20
Q

Assurance quality

A
  1. Competence/rigor
  2. Objectivity
21
Q

Maturity model

A
  1. Siloed
  2. Transition
  3. Managed
  4. Transform
  5. Advantaged
22
Q

Success of maturity journey

A

Top management commitment
Budget and resources
Performance and acceptable risk
stakeholder involvement

23
Q

GRC tools

A

Audit & assessment
Control library (ICS)
Policies and instructions
Risk management
Templates and checklist
Dashboard and reporting
Action item management

24
Q

All under 1 roof approach (Control library)

A

Control standard
Assets category
Functional scope

25
Q

ISACA

A
  • Information system audit and control association
  • provider of GRC tools, trainings and certifications in the context of digital ecosystem
26
Q

COBIT

A

Control objectives for information and related technology
=> provides guideline for directors on the effective use of IT within ORG

27
Q

Process Reference model of governance and management objectives (ISACA)

A

Governance + management view

28
Q

APO01: Management view

A

Managed information & Technology mgmt framework
Domain: Align, plan, organize

29
Q

Director should govern through 3 tasks:

A
  1. Evaluate (current and future use of IT)
  2. Direct (implementation of plan and policies to meet business goals)
  3. Monitor (conformance to policies + performance)
30
Q

Governance perspective

A

board level (EDM)
=> ensure objectives met by evaluating stakeholders needs
=> set prioritization and decision making
=> monitor performance against agreed direction and objectives

31
Q

Management perspective

A

executive level (PBRM)
=> plan, build, run, monitor activities (business processes) aligned with governance body to achieve ORG goals

32
Q

IT refers to

A

department responsible for technology

33
Q

I & T refers to

A

all information a company generates

34
Q

key concepts
Internal stakeholders

A

executives, board members, business managers, IT managers, Assurance providers, risk managers

35
Q

key concepts
External stakeholders

A

regulators, IT vendors, business partners

36
Q

6 principle for governance system

A
  1. Stakeholder value
  2. Holistic approach
  3. Dynamic governance system
  4. Distinction between MNGT and GOV
  5. Tailored to enterprise’s needs
  6. E2E GOV system
37
Q

5 domains - Core components

A

GOV
EDM: evaluate direct monitor

MGMT
APO: align plan organize
BAI: build acquire implement
DSS: deliver service support
MEA: monitor evaluate assess

38
Q

Components of a GOV system

A
  1. Processes
  2. ORG structure
  3. Policies/principles
  4. Information
  5. Culture/ ethics
  6. People/skills
  7. service infrastructure and APP
39
Q

3 types of design factors

A

Enterprises strategy
Threat landscape
Role of IT

40
Q

When should be the design factors considered ?

A

When designing and implementing Enterprise governance of information and technology (EGIT)

41
Q

Process EDM01

A

Ensured governance framework setting and maintenance

42
Q

APO12

A

Managed risk

43
Q

COBIT 19 tools

A
  • Management awareness diagnostic
  • RACI by role
  • GOV mgmt objectives - practices- activities

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