GRCP Exam Questions and Answers

GRCP Exam Questions and Answers

Governance - ANSWERS-the act of externally directing, controlling, and evaluating an entity,
process, or resource (board of directors); reliably achieve objectives



Management - ANSWERS-the act of internally directing, controlling, and evaluating an entity, or
process, or resource



Assurance - ANSWERS-the act of objectively evaluating an entity, process, or resource (internal
audit group)



Objective - ANSWERS-explicit goal that can be measurably achieved; must be stated/define,
must be measuarable



Performance - ANSWERS-measure of the degree to which an objective is achieved relative to a
target



Target - ANSWERS-expected or planned value (100 units sold)



Tolerance - ANSWERS-acceptable level of variation of performance relative to achievement of
an objective (+- 2 of 100 units sold)



Threat - ANSWERS-an event that has an undesirable effect on achieving objectives



Opportunity - ANSWERS-an event that has a desirable effect on achieving objectives



Risk - ANSWERS-undesirable effect of uncertainty on achieving objectives