Shared Assessments CTPRP Exam With Confidence Using Practice Dumps

 When a vendor contract terminates, one of the most important requirements for managing risk is to ensure that the vendor securely destroys or returns any data or assets that belong to the organization or its customers. This is to prevent any unauthorized access, use, disclosure, or loss of sensitive information or resources that could result in legal, regulatory, reputational, or financial consequences. The organization should also verify that the vendor complies with this requirement by requesting evidence or conducting audits.

The other options are also important, but not as critical as ensuring data and asset security. Performing a financial review of outstanding invoices is necessary to avoid overpaying or underpaying the vendor, and to resolve any disputes or claims. Performing a final assessment based on due diligence standards is useful to evaluate the vendor’s performance, identify any issues or gaps, and document any lessons learned or best practices. Defining contract terms for transition services is helpful to facilitate a smooth and orderly handover of responsibilities, deliverables, or processes to another vendor or internal team.

References:

• 1: Shared Assessments, a leading provider of third party risk management solutions, offers a comprehensive guide for Certified Third Party Risk Professional (CTPRP) candidates, which covers the core concepts and best practices of third party risk management, including vendor offboarding and termination.
• 2: Prevalent, a platform for third party risk management, provides a blog post on vendor offboarding and termination risk management, which includes a checklist and a template for secure data and asset destruction or return.
• 3: Spendflo, a platform for vendor risk management, provides a guide on vendor risk management, which includes the importance of data and asset security when terminating vendor contracts.

 Performing due diligence during third party risk assessments is a process of verifying and validating the information provided by the third parties, as well as identifying and assessing any potential risks or issues that may arise from the relationship. Due diligence methods may vary depending on the type, scope, and complexity of the third party engagement, but they generally involve the following steps123:

• Interviewing subject matter experts or control owners: This method involves engaging with the relevant stakeholders from both the organization and the third party, such as business owners, project managers, legal counsel, compliance officers, security analysts, etc. The purpose of the interviews is to gather more information about the third party’s capabilities, processes, policies, performance, and challenges, as well as to clarify any questions or concerns that may arise from the questionnaire or other sources. The interviews can also help to establish rapport and trust between the parties, and to identify any gaps or discrepancies in the information provided.
• Reviewing compliance artifacts: This method involves examining the evidence or documentation that supports the third party’s claims or assertions, such as certifications, accreditations, audit reports, policies, procedures, contracts, SLAs, etc. The purpose of the review is to verify the accuracy, completeness, and validity of the artifacts, as well as to assess the level of compliance with the applicable standards, regulations, and best practices. The review can also help to identify any areas of improvement or weakness in the third party’s controls or processes.
• Validating controls: This method involves testing or inspecting the actual implementation and effectiveness of the third party’s controls or processes, such as security measures, quality assurance, data protection, incident response, etc. The purpose of the validation is to confirm that the controls are operating as intended and expected, and that they are sufficient to mitigate the risks or issues identified in the assessment. The validation can also help to identify any vulnerabilities or gaps in the third party’s controls or processes.

The other options are not as comprehensive or accurate as the methods described above, as they may not cover all the aspects or dimensions of the third party risk assessment, or they may rely on incomplete or outdated information. Inspecting physical and environmental security controls by conducting a facility tour is only one part of the validation method, and it may not be applicable or feasible for all types of third parties, such as cloud service providers or remote workers. Reviewing status of findings from the questionnaire and defining remediation plans is more of a follow-up or monitoring activity, rather than a due diligence method, as it assumes that the questionnaire has already been completed and analyzed. Reviewing and assessing only the obligations that are specifically defined in the contract is a narrow and limited approach, as it may not capture the full scope or complexity of the third party relationship, or the dynamic and evolving nature of the risks or issues involved. References:

• Third Party Due Diligence – a vital but challenging process
• The guide to risk based third party due diligence - VinciWorks
• Third Party Risk Assessment – Checklist & Best Practices

Data Loss Prevention (DLP) programs are not based on default tool configuration, but on the specific needs and risks of the organization. DLP programs should be tailored to the data types, locations, flows, and users that are relevant to the business. DLP programs should also align with the regulatory and contractual obligations, as well as the data risk appetite, of the organization. Default tool configuration may not adequately address these factors and may result in either over-blocking or under-protecting data. Therefore, statement C is false about DLP programs. References:

• 1: The Best Data Loss Prevention Software Tools - Comparitech
• 2: Build a Successful Data Loss Prevention Program in 5 Steps - Gartner
• 3: What is data loss prevention (DLP)? | Microsoft Security