Free ServiceNow CIS-TPRM Exam Dumps Questions & Answers

During the "due diligence" phase of the Third-party Risk Management process, what is the primary focus?
Response:

• A.  Evaluating the third party,s risk profile, including financial stability and compliance with regulations
• B.  Negotiating payment terms and conditions
• C.  Establishing a communication plan with the third party
• D.  Signing the final contract with the third party

How does the integration of ServiceNow GRC with other ServiceNow applications enhance third-party risk management?
Response:

• A.  It reduces the overall system functionality
• B.  It creates duplicate records for each application
• C.  It enables a holistic view of all risks, including those related to third-party vendors, across the organization
• D.  It isolates third-party risk management from other business processes

When performing third-party risk assessment calculations, why is it important to consider the third party''s adherence to relevant industry standards?
Response:

• A.  It provides a benchmark for evaluating the third party's compliance and risk profile
• B.  It eliminates the need for further due diligence
• C.  It is required by all regulatory bodies, regardless of industry
• D.  It simplifies the calculation process by using predefined criteria

How does ServiceNow facilitate Monitoring Risk and Control Compliance in third-party risk management?
Response:

• A.  Through automated workflows that identify, assess, and mitigate risks
• B.  By manually tracking all risks associated with third parties
• C.  Through external audits conducted annually
• D.  By ignoring minor risks to focus on major ones only

What is a critical outcome of properly configuring Third-party Security Scoring?
Response:

• A.  Improved negotiation leverage with vendors
• B.  Enhanced transparency in vendor selection processes
• C.  Increased vendor satisfaction
• D.  Simplified compliance reporting