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ServiceNow Certified Implementation Specialist - Third-party Risk Management Sample Questions:

1. Which of the following is NOT typically a phase in the Third-Party Risk Management Process?
Response:

A) Continuous Monitoring
B) Risk Assessment and Analysis
C) Selection and Onboarding
D) Revenue Optimization

2. In the context of TPRM, what does "residual risk" refer to?
Response:

A) The total risk combining all third parties
B) The risk before any controls are applied
C) The risk that remains after controls are implemented
D) The initial risk assessment score

3. Which of the following best describes the term "Fourth-party risk" in TPRM?
Response:

A) Risks posed by the third party,s own suppliers and partners
B) Financial risks arising from contractual penalties
C) The risk associated with international third parties
D) Direct risks faced by the organization from primary suppliers

4. __________ involves defining specific actions and responsibilities to address identified risks with third-party vendors.
Response:

A) Third-party Risk Process Workflow
B) Risk Mitigation Planning
C) Risk Assessment Methodology
D) Third-party Risk Task Configuration

5. What is the primary objective of Third-Party Risk Management?
Response:

A) To improve third-party service delivery times
B) To increase third-party dependencies
C) To identify, assess, and mitigate risks associated with third parties
D) To minimize the cost of third-party services

Solutions: