OCEG GRCP Dumps Questions Answers

Encouraging stakeholders to raise issues directly with the organization fosters transparency, trust, and accountability while enabling the organization to address concerns effectively and proactively.

Key Benefits of Internal Issue Raising:

Flexibility in Corrective Action:Organizations can investigate and address concerns more efficiently without the constraints of external oversight or legal intervention.

Timely Resolution:Issues raised internally can be resolved faster, preventing escalation and minimizing potential harm.

Building Trust:Providing clear internal channels demonstrates the organization’s commitment to listening and taking action on stakeholder concerns.

Why Option A is Correct:

Option A highlights the importance of allowing the organization totake corrective action promptlyand address concerns effectively.

Option B (preventing whistleblower rewards) is irrelevant to the primary objective of addressing concerns.

Option C (hiding concerns from the media) is unethical and does not align with principled performance.

Option D (providing time to fix issues) oversimplifies the purpose of internal issue-raising and ignores the importance of transparency.

Relevant Frameworks and Guidelines:

ISO 37002 (Whistleblowing Management System):Recommends establishing internal reporting mechanisms to encourage early detection and resolution of issues.

OCEG Principled Performance Framework:Emphasizes proactive issue management to build trust and improve organizational resilience.

In summary, internal issue-raising ensures that the organization canpromptly and flexibly address concerns, fostering trust and accountability among stakeholders.

ACode of Conductis a foundational document that articulates the principles, values, standards, and rules that guide an organization’s behavior and decision-making processes.

Role of the Code of Conduct:

Serves as a reference point for all employees and stakeholders.

Promotes a consistent ethical culture and compliance with organizational values.

Applicability:

Effective across all industries and organization sizes as a baseline for ethical behavior and operational standards.

Why Other Options Are Incorrect:

A: The Code of Conduct is relevant for all organizations, not just large ones.

B: While important, it is not legally mandated for all organizations.

D: It is applicable to organizations of all sizes and industries, not limited to specific cases.

References:

OCEG GRC Capability Model: Emphasizes the Code of Conduct as a guide for decisions and behavior.

ISO 37001 (Anti-Bribery Management Systems): Discusses Codes of Conduct in fostering ethical standards.

The primary distinction betweenreasonable assuranceandlimited assurancelies in thelevel of confidenceand thescope of procedures performed.

Reasonable Assurance:

Provides ahigh level of confidencethat the subject matter is free from material misstatement.

Typically offered inexternal audits, such as financial audits, where auditors perform extensive procedures to validate conformity with established criteria.

Limited Assurance:

Offers amoderate level of confidencebased on less rigorous procedures (e.g., inquiries and analytical reviews).

Common inreviewsandcompilations, often performed by internal or external personnel with sufficient expertise.

Key Differences:

Reasonable assurance requiresmore evidence and detailed testing.

Limited assurance is less comprehensive but still provides an informed opinion.

References:

International Auditing Standards (ISA 200): Explains assurance levels and their requirements.

COSO Framework: Highlights the application of assurance in governance and risk management.