Most Recent OCEG GRCA Exam Dumps

Compliance is most associated with a 'measure of how well we are meeting obligations.' Compliance involves adhering to laws, regulations, policies, and standards that apply to an organization. It ensures that the organization is fulfilling its legal, regulatory, and ethical obligations, thereby avoiding penalties, legal issues, and reputational damage. Compliance programs include policies, procedures, training, monitoring, and audits to ensure that all obligations are consistently met. Reference:

ISO 19600:2014 - Compliance management systems - Guidelines

NIST SP 800-37 Rev. 2 - Risk Management Framework for Information Systems and Organizations

The key steps in the Assessment Process are Plan, Perform, Report, and Follow-Up. These steps provide a structured approach to conducting assessments, ensuring thorough evaluation and continuous improvement:

Plan: Define the scope, objectives, and methodology.

Perform: Execute the assessment according to the plan.

Report: Document findings and provide recommendations.

Follow-Up: Monitor the implementation of recommendations and improvements.

These steps help ensure assessments are systematic, objective, and effective in identifying areas for improvement. Reference:

ISO 19011:2018 - Guidelines for auditing management systems

COSO Internal Control -- Integrated Framework

Follow-up on the implementation status of recommendations based on high priority, due or overdue items, or time-sensitive items is known as Follow-Up by Targeted Review. This approach focuses on areas that are of critical importance or where timely implementation is essential. It helps ensure that the most significant risks are addressed promptly and that any delays in addressing recommendations are identified and managed. Reference:

IIA Standards for the Professional Practice of Internal Auditing

COSO Internal Control -- Integrated Framework

If the inherent risk and control risk are both low, we may consider performing less testing. Inherent risk refers to the risk of an event occurring without considering any controls, while control risk is the risk that controls will not prevent or detect the event. When both risks are low, it indicates that the likelihood of issues occurring and not being detected is minimal, allowing for a reduced level of testing. This approach helps in efficiently allocating resources while maintaining a reasonable level of assurance. Reference:

AICPA Auditing Standards

ISO 31000:2018 - Risk management -- Guidelines

Inspecting a RACI (Responsible, Accountable, Consulted, Informed) matrix for inclusion of best practice content is classified as a control test. This test evaluates whether the RACI matrix, a control tool, is designed and implemented according to best practices. It assesses the completeness and appropriateness of the matrix in defining roles and responsibilities, which is an aspect of control effectiveness.

COSO Internal Control -- Integrated Framework

ISO 31000:2018 - Risk management -- Guidelines