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What is the primary business value of the ServiceNow Third-party Risk Management (TPRM) application?
Correct answer: B
The primary purpose of the TPRM application is to centralize, standardize, and automate the third-party risk lifecycle. It eliminates the need for manual tracking via emails and spreadsheets, providing a single source of truth for vendor risk data, assessments, and issues.
Which of the following represents the standard logical sequence of the end-to-end Third-party Risk Management process in ServiceNow?
Correct answer: C
The standard TPRM process begins with Onboarding the third party. Next, Tiering (via IRQ) determines the risk level. Based on the tier, an Assessment is conducted. Any findings result in Issue Management. Finally, the relationship enters Continuous Monitoring to track ongoing risk.
When configuring reports for the TPRM application, which of the following are core tables you would frequently query? (Select TWO)
Correct answers: A, C
The core_third_party table is the foundational table for storing third-party organizational records in the TPRM application.
The sn_vdr_risk_asmt_assessment table stores the actual risk assessment records sent to third parties, making it critical for TPRM reporting.
In ServiceNow GRC, risks that are registered within an organization and applied to third parties are typically captured as which type of record?
Correct answer: C
In the ServiceNow GRC architecture, registered risks are captured as Risk Statements. These statements can be applied to various entities, including third parties, to track and evaluate specific risk exposures consistently across the enterprise.
A client wants to ensure that external vendors can log in, complete questionnaires, and manage their own contacts. Which ServiceNow feature is specifically designed for this purpose, and should not be confused with customer support portals?
Correct answer: C
The Third-party Portal is the dedicated interface within the TPRM application for external vendors. It allows them to securely respond to assessments, manage issues, and update their contacts. It is distinct from the Customer Service Portal, which is used for external customer support queries.
Review the following TPRM process flow:
Correct answer: B
The Inherent Risk Questionnaire (IRQ) is utilized during the Tiering phase. It is typically sent to an internal business owner to assess the inherent risk of engaging with the third party. The responses dictate the third party's Rank Tier, which subsequently drives the type and rigor of the due diligence and risk assessment required in the next phase.
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