GRC: Governance, Risk, and Compliance Introduction
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Questions and Answers

What is the primary goal of GRC in an organization?

  • To increase market share
  • To reduce operational costs
  • To ensure ethical conduct, mitigate risks, and achieve business objectives (correct)
  • To improve employee morale

    • What is the main purpose of the GDPR regulation?

  • To establish standards for financial reporting
  • To ensure cybersecurity in organizations
  • To regulate the processing of personal data and protect the privacy rights of individuals (correct)
  • To protect healthcare providers' use and disclosure of patient information

    • Why do organizations need to comply with regulations?

  • To improve their reputation
  • To avoid penalties, litigation, and reputational damage (correct)
  • To reduce their operational costs
  • To increase their market share

    • What is the primary benefit of implementing a GRC framework?

    <p>To enhance transparency, accountability, and sustainability</p> Signup and view all the answers

    What is the primary focus of ISO 27001?

    <p>Information security management system</p> Signup and view all the answers

    What is the main focus of HIPAA regulation?

    <p>Patients' health information and healthcare providers' use and disclosure of this information</p> Signup and view all the answers

    What is the main objective of PCI DSS?

    <p>To ensure a secure environment for credit card information</p> Signup and view all the answers

    What is a common characteristic of regulations?

    <p>They often focus on specific industries or areas of concern</p> Signup and view all the answers

    What is the purpose of frameworks in GRC?

    <p>To offer structured approaches to managing governance, risk, and compliance</p> Signup and view all the answers

    What is the key component of integrated GRC that involves establishing clear roles and responsibilities?

    <p>Governance</p> Signup and view all the answers

    What is the purpose of identifying and assessing risks in integrated GRC?

    <p>To identify and assess risks to the achievement of organizational objectives</p> Signup and view all the answers

    What is the outcome of integrating governance, risk management, and compliance activities?

    <p>Consistency, efficiency, and effectiveness in decision-making and resource allocation</p> Signup and view all the answers

    What is the primary purpose of regulations in GRC?

    <p>To set legal requirements that organizations must comply with</p> Signup and view all the answers

    What is the primary focus of the GDPR regulation?

    <p>Processing of personal data and privacy rights</p> Signup and view all the answers

    What is the primary benefit of implementing a GRC framework?

    <p>To enhance transparency, accountability, and sustainability</p> Signup and view all the answers

    What is the primary goal of integrating governance, risk management, and compliance activities?

    <p>To achieve business objectives and mitigate risks</p> Signup and view all the answers

    What is the primary focus of the HIPAA regulation?

    <p>Protection of patients' health information</p> Signup and view all the answers

    Why do organizations need to comply with regulations?

    <p>To avoid penalties, litigation, and reputational damage</p> Signup and view all the answers

    What is the primary purpose of standards in GRC?

    <p>To provide guidelines and best practices for achieving specific objectives</p> Signup and view all the answers

    What is the main benefit of using frameworks in GRC?

    <p>To provide a structured approach to GRC</p> Signup and view all the answers

    What is the key component of integrated GRC that involves understanding and adhering to applicable laws and regulations?

    <p>Compliance Management</p> Signup and view all the answers

    What is the primary role of governance in integrated GRC?

    <p>To establish clear roles and responsibilities</p> Signup and view all the answers

    What is the outcome of integrating governance, risk management, and compliance activities?

    <p>Proactive identification and mitigation of risks</p> Signup and view all the answers

    What is the primary focus of COSO's Internal Control-Integrated Framework?

    <p>Designing, implementing, and evaluating internal controls</p> Signup and view all the answers

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