Pass the GAQM GAQM: Management CBCP-002 Questions and answers with CertsForce

A risk register is a register that maintains information on all the identified risks relating to an organization. A risk register is a document or a tool that records and tracks the details of each risk, such as its description, source, impact, likelihood, rating, owner, status, response strategy, action plan, and monitoring method. A risk register is a useful tool for managing risks and communicating them to stakeholders. Verified References: https://www.investopedia.com/terms/r/risk-register.asp https://www.thebci.org/training-qualifications/good-practice-guidelines.html

Business continuity planning is the process of identifying, developing, and implementing strategies and plans to ensure the continuity of an organization’s critical functions and processes in the event of a disruption. It can be both time consuming and expensive, as it requires a thorough analysis of risks, impacts, resources, and recovery options. However, management will expect tangible benefits from the process, such as reduced losses, increased resilience, improved reputation, and compliance with regulations. Verified References: https://www.ready.gov/business-continuity-plan https://drii.org/resources/professionalpractices/EN

Strategic management is the type of management that is an often used term, but has so many different connotations to different people that invariably the message of its meaning gets confused. Strategic management is the process of defining and executing the long-term vision, goals, plans, and actions of an organization. Strategic management involves analyzing the internal and external environment, formulating strategies, implementing them, and evaluating their outcomes. Strategic management can be complex and challenging, as it requires alignment and integration of various aspects of the organization, such as culture, structure, resources, capabilities, stakeholders, markets, competitors, or regulations. Verified References: https://www.investopedia.com/terms/s/strategic-management.asp https://phoenixnap.com/blog/what-is-business-continuity-management

Individual accountability for the management of the risk should be clearly established. This is true because accountability is one of the key principles of business continuity management. Accountability means that each person involved in the business continuity management program has a clear understanding of their roles and responsibilities, as well as the authority and resources to perform them. Accountability also means that each person is held responsible for their actions and outcomes, and that they report on their performance and progressregularly. Verified References: https://www.iso.org/publication/PUB100442.html https://phoenixnap.com/blog/what-is-business-continuity-management

Business continuity planning is not a one-time activity, but a dynamic and ongoing process that needs to be reviewed and updated regularly to reflect changes in the internal and external environment. The frequency of review may vary depending on the nature and size of the organization, but it is generally recommended to conduct a review at least annually or whenever significant changes occur that may affect the continuity of the organization’s functions and processes. Such changes may include organizational restructuring, new products or services, new technologies, new regulations, new threats or vulnerabilities, or lessons learned from incidents or exercises. Verified References: https://www.ready.gov/business-continuity-plan https://drii.org/resources/professionalpractices/EN

Continuity planning with external stakeholders, such as key suppliers, is essential to ensure the uninterrupted flow of information, materials, products, and services during disruptions. The type of continuity planning determines the nature of the relationship and coordination with these suppliers:

Multilateral: This involves multiple parties (e.g., an organization and several suppliers or partners) working together in a coordinated plan. While multilateral planning can enhance collaboration across a broad network, it is complex and not specifically tailored to strengthening individual supplier relationships, which is the focus of this question.

Bilateral: This refers to a two-party agreement or plan between the organization and a specific supplier. Bilateral continuity planning fosters a direct, functioning relationship with key suppliers, enabling mutual understanding, aligned recovery strategies, and stronger assurances of continuous supply. It is the most effective approach for building robust, one-on-one supplier relationships, as it allows for tailored coordination and commitments.

Unilateral: This is a one-sided plan where the organization develops its continuity strategy without direct supplier involvement. While it may address internal resilience, it does not enhance the functioning relationship with suppliers or provide assurances of their continuity, making it inadequate for this purpose.

The correct answer isB. Bilateral, as it directly enhances the relationship with key suppliers through mutual planning and coordination, ensuring a continuous supply chain. This aligns with Business Continuity Professional practices that emphasize collaboration with critical external dependencies.

References:

DRI International Professional Practices for Business Continuity Management (2023), Section 4: Business Impact Analysis and Risk Assessment – Highlights the importance of engaging key suppliers in continuity planning.

ISO 22301:2019, Clause 8.2.3 – Emphasizes identifying and managing dependencies, including suppliers, through coordinated planning.

Technical risk is the type of risk that is associated with risk of physical assets failing/being damaged or enhanced. Technical risk is the uncertainty or variability of the performance or reliability of physical assets, such as equipment, systems, infrastructure, or data. Technical risk can result from factors such as design flaws, manufacturing defects, maintenance issues, obsolescence, human error, natural disasters, or cyberattacks. Technical risk can affect an organization’s operational efficiency, quality, safety, security, or profitability. Verified References: https://www.investopedia.com/terms/t/technical-risk.asp https://www.thebci.org/training-qualifications/good-practice-guidelines.html

Business impact analysis (BIA) is the process of identifying and prioritizing the organization’s functions and processes based on their importance to the organization’s objectives, and assessing the potential impacts of a disruption to those functions and processes over time. The BIA helps to determine the recovery time objectives (RTOs), recovery point objectives (RPOs), and resource requirements for each function and process, as well as the interdependencies and dependencies among them. The BIA provides the basis for developing recovery strategies and plans. Verified References: https://www.ready.gov/business-impact-analysis https://drii.org/resources/professionalpractices/EN

 A plan walkthrough is a low-pressure exercise that uses presentation techniques including videos, slides and handouts, so that participants fully understand their plans1.

In the event of a disaster, notification shall be given to each employee by either the HR Department Manager or through the firm’s emergency notice system. This is true because communication is a vital component of any disaster recovery and business continuity plan. Employees need to be informed of the situation, their roles and responsibilities, and the actions they need to take to ensure their safety and the continuity of the business. The HR Department Manager or the emergency notice system are the designated channels for communicating with employees during a disaster. Verified References: https://www.ready.gov/business-continuity-plan https://www.csoonline.com/article/515730/business-continuity-and-disaster-recovery-planning-the-basics.html