What is the advantage of using both TPRM and GRC/IRM?
Answer(s): A
Integrating TPRM with GRC/IRM enables non-compliant controls to automatically impact the risk score of a third-party entity, providing a dynamic and accurate assessment of vendor risk based on compliance status.
As a final step before closing the Third-party Risk Assessment, what task(s) would the Risk Assessor typically do?
Answer(s): B
Before closing a Third-party Risk Assessment, the Risk Assessor typically reviews all comments and evaluates the overall risk. This ensures that the assessment accurately reflects the third party's risk profile and that any necessary actions are identified.
How are Third-party Risk questionnaires and document requests displayed on the Third-party Portal?
On the Third-party Portal, questionnaires and document requests are displayed as separate requests, allowing them to be assigned to different third-party contacts. This provides flexibility in managing who responds to each specific request.
What other record is created when an element classification is created?
When an element classification is created in ServiceNow TPRM, a Classification Component Criteria record is also created. This defines the specific criteria or attributes associated with the classification, helping to standardize risk assessments and evaluations.
To what do third parties have direct access?
Third parties have direct access to update and respond to issues and tasks assigned to them through the Third-party Portal, enabling them to provide required information and complete assessments without accessing unrelated third-party data.
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