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

1. How does effective Third-party Contacts Configuration contribute to risk mitigation?
Response:

A) By automating all communication processes
B) By reducing the number of contacts per third party
C) By ensuring that all key stakeholders are included in communications
D) By limiting communication to senior management

2. Which key component should be prioritized during the initial setup of Third-party Portfolio Configuration to ensure a comprehensive risk assessment?
Response:

A) Risk and criticality tiers
B) Service categories
C) Contract lengths
D) Financial transactions

3. Which of the following activities is NOT typically part of the Third-party Risk Management process?
Response:

A) Revenue optimization
B) Continuous monitoring
C) Contract negotiation
D) Risk assessment and analysis

4. Which of the following best practices should be adopted when configuring third-party risk issues to ensure traceability and accountability?
Response:

A) Allowing only senior management to close issues
B) Establishing automated alerts for high-priority issues
C) Using an arbitrary system for issue prioritization
D) Limiting issue tracking to manual logs

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

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

Solutions: