IDSC 3001 Test E University of Minnesota-Twin Cities | UPDATED Questions with 100% Verified Answers

IDSC 3001 Test E University of Minnesota-Twin Cities | UPDATED
Questions with 100% Verified Answers

Question:
Top-down corporate governance

Answer:
What is the board of directors in an organization responsible for?


Question:
Corporate governance

Answer:
Is the set of processes, policies, laws, customs, and rules affecting the way a corporation
is directed, managed, and controlled


Question:
IT governance (bottom up)

Answer:
How organizations align IT strategy with business startegy


Question:
ESG

Answer:
Environmental (sustainability, recycling), social (DEI, labor practices), governance
(regtech, enterprise risk management)


Question:
To ensure transparency to stakeholders (not to ensure
compliance)

Answer:
What is the overall point of GRC?


Question:
GRC (governance, risk, and compliance)

, Answer:
Governments, partnership imposed standards, and industry standards oversee and
control the data that an organization collects, stores, and uses


Question:
1. Regulatory requirements 2. Monetary risk and/or reputation
risk

Answer:
What are the reasons for implementing GRC programs?


Question:
Pros of GRC

Answer:
Provides transparency for shareholders, creates a high barrier of entry for new
competitors, discourages current competitors from cheating


Question:
Cons of GRC

Answer:
Expensive and time-consuming (red tape), can limit innovation and risk-taking, risk of
fines and penalties


Question:
Horizontal compliance

Answer:
Regulations every company has to be compliant with (labor laws, financial reporting
(FASB GAAP), and data privacy)


Question:
Vertical compliance

Answer:
Regulations that only a certain industry must comply with (food, healthcare, education,
etc.)