M2020-624 Online Practice Questions and Answers

What is one of the most common issues to listen for from a client who would benefit from deploying IBM OpenPages GRC solution?

A. The client is looking for an advanced calculation engine to calculate capital and market values.

B. The organization is designed around a soloed approach, resulting in redundant data collection and an expensive model to maintain.

C. Business users would like to be more proactive and look for trends in the business using predictive analytics.

D. Report users require a XBRL format report to present to regulators.

OpenPages PCM is a critical component of implementing an enterprise-wide governance and risk framework. Which benefit can be found within OpenPages PCM?

A. Provides the compliance team with the ability to view and monitor overall organizational compliance posture in single dimensions.

B. Provides a static approach to compliance that with standardized procedures and naming conventions.

C. Delivers static reports that can be used to ensure compliance risks are understood and guarantee that issues are remediated quickly.

D. Provides the compliance team with the ability to view and monitor overall organizational compliance posture in multiple dimensions.

What regulations or areas of regulations would a typical public multinational firm be subject to that can be addressed using the OpenPages GRC framework model?

A. Employee Privacy (FDIC), Public Health and Safety, Health and Human Services

B. Privacy (Gramm-Leach-Bliley Act), Industry specific (Basel II), Government (Dodd- Frank Act)

C. Consumer Credit Protection Act (FDIC), Energy and Utilities Acts

D. Credit Risk and Regulatory Capital, Counterparty Credit Risk

What roles are held within an organization by the primary buyers of Governance, Risk and Compliance (GRC) solutions?

A. IT Managers, Customer Support Managers

B. Chief Risk Officer (CRO), Chief Compliance Officer (CCO), Chief Information Officer (CIO), Chief Financial Officer (CFO)

C. Human resource manager

D. Marketing Director

IBM OpenPages solutions enable customers to manage risk and compliance initiatives across the enterprise. Which one of the following is a feature of the IBM OpenPages GRC Platform?

A. Optimize business performance

B. Change customers' existing methodology

C. Predictive analytics framework

D. XBRL reporting

What are the key trends that drive Governance, Risk and Compliance initiatives?

A. Regulatory oversights and risk quantification

B. Lack of visibility into risk exposure

C. Decreasing governance demands

D. Soloed risk and compliance initiatives

The IBM GRC solution consists of what group of standard modules?

A. IT Governance, Market Risk, Audit, Operational Risk, Policy Compliance Management

B. IT Governance, Financial Control Management, Audit, Operational Risk, Policy Compliance Management

C. IT Governance, Market Risk, Audit, Operational Risk, Vendor Risk management

D. IT Governance, Credit Risk, Audit, Operational Risk, Policy Compliance Management

GRC solutions assist with overcoming the challenges of managing risk across the organization. What is one of the key capabilities with using a GRC tool to overcome these challenges?

A. Disparate systems, multiple data marts and spreadsheets

B. No visibility into risk posture

C. Centralized, multi-regulatory platform

D. Integration with social media

Which statement reflects one of the benefits of the IBM OpenPages GRC platform?

A. OpenPages provides a method to calculate Monte Carlo based calculations to assess risks.

B. Empowers IT to be the focal point of all decision making activities with in the organization.

C. OpenPages provides static reports which can be used by all.

D. Empowers decision makers with scalable interactive reporting, decision support, and forecasting tools.

What is one key question to ask your prospects who are evaluating Governance, Risk and Compliance solutions?

A. How does your organization currently document and report on employee new hire sales training certifications?

B. How effective are your current sales metrics?

C. What is your organization currently using to document, test and report on your financial control compliance?

D. Do you have visibility into your sales pipeline throughout your organization?

Which of the following statements is a principle of GRC convergence?

A. Requires collaboration and coordination.

B. Enables the client to assess risks many times and satisfy few.

C. Is a natural occurrence in any organization.

D. Has no impact on the culture or the organisation.

Which indicator should alert you to an OpenPages GRC opportunity?

A. Collaborate and automated systems defined by line of business managers

B. Robust reporting and non-redundant risk and controls data collection

C. Integrated, inexpensive approaches to data collection

D. Line of business managers lack risk data and reporting intelligence to evaluate risk exposure

There are many competitive differentiators with IBM OpenPages Governance, Risk and Compliance solutions. Which option is not a competitive differentiator?

A. Fully integrated risk management platform

B. Flexible, patented metadata-driven object model

C. Extensive business intelligence and reporting dashboards

D. Non-configurable object model and reporting engine

What does the IBM OpenPages GRC Platform allows organizations to do?

A. Manage a predictive analytics framework to report to multiple regulators.

B. Manage XBRL content for Solvency II Pillar 3 requirements.

C. Manage risk and compliance across multiple regulations, including Basel II and Solvency II.

D. Manage risk and compliance across multiple regulations, excluding Basel II and Solvency II.

A recent International Data Corporation (IDC) Worldwatch study revealed that an average $500 million corporation is subject to at least 35 40 regulatory mandates. GRC solutions assist with managing regulatory mandates in a central library for automation and reporting. Which regulations below would a financial institution not be responsible for adhering to?

A. Basel II

B. Solvency II

C. Sarbanes-Oxley

D. Carbon Reduction Commitment