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Third Party Risk Assessment Interview Questions

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Youve Talked About Salary With My Colleagues Already What Are Your Thoughts On The Remuneration Package We Propose For The Hired Candidate

Third-Party Risk Management: An Interview with St. Luke’s Health System SISO Herman Doering

If there is a right time to negotiate your salary during the hiring process, it is the third interview. At this point they already like you, and seriously consider hiring you , and you are talking to one of the decision makers.

This person has the power to make your salary offer 10% better, perhaps even 20%, and to offer you a company car, laptop, 1 day of home office per week, or anything else youd like to be part of the package.

Do not hesitate to share your ideas with them, but have something to back them up. Perhaps you know how much the engineers earn with their main competitor, and think a 15% higher salary will be more adequate, considering the situation on the employment market.

Or that given the amount of travel, it will be fair to get a company car, perhaps even a personal driver :), or one day of home office each week, so you relax a bit from the hours on the road. As long as you are reasonable, and open for discussion, you can definitely win for you better remuneration package in the third interview.

Risk Management Interview Questions

February 7, 2020 By Ten Six

Whether you are recruiting for a Business Risk Director, a risk analyst or a team leader with a significant focus on risk management, its important to ask the right risk management interview questions to find the best candidate.

Here are 15 risk management interview questions that you can use for sourcing the perfect candidate for your risk roles. And if you are interviewing for a risk management role, use these question prompts as a way to get ready for your meeting with the hiring manager!

  • Tell me about your experience preparing and presenting risk assessments and reports.
  • Being able to communicate in writing is a fundamental skill for anyone in a role that involves risk management. This question will help you understand how they go about preparing risk documentation.

  • How do you convince people to take risk management more seriously? Can you share an example of where you have done so?
  • While risk management may be a mature discipline in some areas of the business, its possible not everyone is on board just yet. Your new hire needs to be able to convince others of the benefits of taking active steps to manage risk without it seeming like simply another admin job for managers.

  • Can you tell me about a time when your attention to detail helped solve a problem or address an issue?
  • How do you stay current on the latest developments and trends in risk management?
  • How do you determine the risk profile of a project, department, team or company?
  • Governance And Organizational Structure

  • Is there a cross-organizational committee that meets regularly on cybersecurity issues?
  • Have you participated in a cybersecurity exercise with your senior executives?
  • How do you prioritize your organizations most critical assets?
  • How do you specifically protect customer information?
  • Have you ever experienced a significant cybersecurity incident? Please define and describe it.
  • What types of cybersecurity policies do you have in place in your organization today?
  • Do you outsource any IT or IT security functions to third-party service providers? If so, who are they, what do they do, and what type of access do they have?
  • How frequently are your employees trained on your IT security policies, and do you use automated assessments?
  • Recommended Reading: How To Get Ready For An Interview

    Describe The Daily Routine Of Riskmanagers

    Here, the interviewer wants to know if you are well aware of what risk managers do every day.

    Tip1: State the activities that risk managers perform every day

    Tip2: Add weight to your answer by giving a brief description

    Sample Answer

    Risk managers maintain data or input quality of their risk management systems. They assess the potential environmental effects of new processes and products on long-term profitability and growth. Risk managers measure, monitor, and analyze different aspects of risks associated with a business. They also undertake statistical analysis to quantify risk using different tools including econometric models.

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  • Steps to Implementing a Project Risk Management for Your Project
  • What Goals Will You Set For Yourself In The Job For The First 90 Days

    CTPRA Job Guide

    This question has many possible variations: Tell us about your goals in 30, 60, and 90 days Where do you see yourself in this company in one year time? What would you like to achieve on this position within the first year of working here?, etc.

    In any case, you should have some goals. Of course the level of ambition depends on the seniority of the job. If you apply for entry level position, your only goal within the first 90 days will be to understand how everything works in the company, to complete your training, and basically to become fully accustomed to your role.

    The question becomes more difficult when you are applying for a senior role in the company, or even intermediate level. In such a case you should propose some changes, and have some tangible goals you try to achieve within the first quarter, or the first year with them.

    The exact goals depend on your role in the company. It can be achieving certain sales volume, improving effectiveness of this or that process, hiring new team, or even building a new branch of the company from scratch Think about your role, and come up with a clear idea what you want to achieve.

    But try to stay realistic. Rome wasnt built in a day, and you cannot change the company in 90 days

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    Briefly Explain The Process Ofrisk Management

    Here, the interviewer will try to assess the extent to which you understand the risk management process and framework.

    Tip 1: State the steps involved in riskmanagement

    Tip 2: Give weight to your answer by brieflyexplaining each step

    Sample Answer

    Although different termsare used to describe the process of risk management, the main steps involved inthe process are:

  • Identifying risk this is where potential risks that are likely to affect the business are uncovered and described.
  • Analyzing risks here, the risk manager examines each identified risk to understand the magnitude of their impact on organizational goals.
  • Risk evaluation this is where risks are ranked according to the negative effect on an organization.
  • Deal with risks the risk manager develops preventive plans, contingency plans, and risk mitigation strategies. You will respond depending on the risks that have great risk on the business.
  • Risk monitoring at this stage, tracking and reviewing risks is done.
  • How Often Should I Send Assessment Questionnaires To My Vendors

    Conduct an assessment as soon as possible during the onboarding processes. This will give your team ample time to understand any existing risks before your third party or vendor is given access to potentially sensitive systems, networks, or data.

    If there are any outstanding risks or vulnerabilities in your third party, conducting an assessment early will give both organizations the opportunity to mitigate the risk or remediate the issue before it becomes a problem.

    How often you re-assess your vendors largely depends on the nature of your organization, the industry, and what your vendors do in your environment. Some organizations conduct assessments once or twice a year while others might have technology or other solutions in place to continuously monitor access and the status of their third parties on a weekly or monthly basis.

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    What Great Accomplishment Haveyou Attained As A Risk Manager

    Here,the interviewer wants to assess whether you have made any achievements in riskmanagement.

    Tip1: Provide an accomplishment that demonstrates that you possess qualities thatare required

    Tip2: Describe the accomplishment with the most impact

    Sample Answer

    My greatest achievement was during my previous assignment when I was tasked with developing a risk management plan. Previously, the company used to have a recurrence of defects in production. Following that, I was hired as a risk manager to find a long-lasting solution to the problem. I helped the company to get ahead of risks by creating a plan to manage risks. I was implemental in helping the company identify the component that was causing defects, and in the end, all defects cleared after it was replaced.

    Interview Tips For A Risk Analyst Position

    VENDOR RISK MANAGEMENT | Tips on how to conduct 3rd Party/Vendor Risk Assessment

    Each company has different interview processes, but here are some general tips you can follow to prepare for an interview:

    • Research the company. Your interviewer might ask why you want to work with their company, so knowing the company’s history and mission statement can help you prepare your answer and display your interest in the company’s values.

    • Practice your answers. This strategy can help you answer more confidently during an interview. Try to answer questions differently when you practice so you can focus on responding naturally, rather than trying to memorize a script for specific questions.

    • Bring copies of your resume. While you’ve most likely sent the company your resume before an interview, it may be beneficial to also bring copies for you and your interviewer. Having a copy of your resume can remind a hiring manager of your qualifications and highlights your preparation and professionalism.

    • Prepare questions. At the end of an interview, your interviewer may ask if you have any questions for them. Preparing questions about their company culture or what they search for in an ideal candidate can display your excitement at the opportunity of working for the interviewer’s company.

    Read Also: How To Introduce Yourself In An Interview

    Other Questions You May Face In Your Third Job Interview With The Company

    • Tell me about the most challenging project you have ever worked on. How does it relate to things we do here, and how do the challenges you faced helped you get ready for the role with our company?
    • Youve seen a lot from our place, youve talked to many people up to this point. In your opinion, what areas can we improve on here?
    • From the tasks you will be responsible for in your new job, is there anything you find uncomfortable, do not look forward to doing, or do not feel capable of taking care of?
    • What do you expect from me, and from other superiors you will have in this job?
    • After everything weve discussed here together, do you want to add anything, or do you have any questions?

    How Much Will I Need To Work With Our Legal Counsel To Develop A Program Arent My Vendors Legally Obligated To Share Security Information With Me

    One of your legal teams main priorities will be to establish a disclosure obligation with your suppliers. Pretend once more that you are Coca-Cola. If your vendor is breached and they lose customer data or other sensitive information, there are laws in place to protect the customer in other words, you are legally required to tell a customer if their information, like their credit card number, has been compromised. But what happens if one of your vendors is breached and Diet Cokes secret formula has been compromised? Are they legally bound to tell you, Coca-Cola? No unless they have a legal obligation to do so, that is.

    So, you can see how important it is to have your legal team intimately involved in the supplier risk management process. You need to be sure that your vendors are legally bound to inform you if an incident that affects your security posture takes place. As a best practice, you should establish acceptable risk thresholds in all of your contracts and align on the remediation process that will need to occur if a suppliers security posture falls below the agreed-upon threshold.

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    Interview Questions For Risk Analysts

    The Indeed Editorial Team comprises a diverse and talented team of writers, researchers and subject matter experts equipped with Indeed’s data and insights to deliver useful tips to help guide your career journey.

    Related: Why Do You Want to Work at Our Company: Best Answer to This Interview Question

    Holl explains why employers ask this question, the three key components of a strong answer and a common mistake that you should avoid.

    Throughout a job application and interview process for a risk analyst position, it’s important for professionals to highlight why they believe an employer should hire them. While interviewers can scan candidates’ skills and qualifications from resumes or cover letters, an effective interview can sway a hiring manager’s decision. If you’re applying for risk analyst positions, it may be helpful to prepare for interviews by analyzing common questions that employers ask during these types of interviews. In this article, we discuss some questions that interviewers might ask during an interview for an available risk analyst position, list sample answers and describe some interviewing tips to help you prepare for these types of interviews.

    Physical And Data Center Security Questions

    Venminder Survey Reveals Third Party Risk Management Trends and ...
    • Are you in a shared office?
    • Do you review physical and environmental risks?
    • Do you have procedures in place for business continuity in the event that your office is inaccessible?
    • Do you have a written policy for physical security requirements for your office?
    • Is your network equipment physically secured?
    • What data center providers do you use if any?
    • How many data centers store sensitive data?
    • What countries are data centers located in?
    • Are there any additional details you would like to provide about your physical and data center security program?

    Also Check: Senior Network Engineer Interview Questions

    Youve Heard A Lot About The Job And The Company Up To This Point Can You Describe Your Idea Of Your Typical Day Here If We Hire You

    It is pivotal to show realistic expectations. You have passed two rounds of interviews , read the job description, and for sure you can tell what awaits you in the job. Or at least thats what they expect

    I suggest you to narrate your idea of a typical day, with everything that belongs to it. That means at what time you plan to come to the office, and when you plan to leave in the afternoon. And, of course, everything in between, just as they explained to you during the previous rounds of interviews.

    There will likely be a short team or department or working group meeting in the morning, and then you will work on your tasks, perhaps following a to-do list. This can include anything from meetings, computer work, doing analysis, sending emails, etc. It really depends on the job will you have with the company.

    The key is to show realistic expectations, and to ensure them that you want to be busy and do not look for an easy ride at work.

    How Long Does It Take To Implement A Third

    It depends on what your organization already has in place and the resources that you have available. Building a third-party risk management program starts with an understanding of the organizations goals.

    These overall security and business goals should guide the overall risk strategy as well as the approach to establishing policies and processes around third-party risk. Typically, resource costs and availability will be a large determining factor in the implementation timeline of a third-party risk management program.

    If time or resources are a constraining factor and building an internal team isnt an option, organizations can turn toward outsourcing third party related tasks, whether on a strategic level or to execute specific program tasks.

    Getting additional support and insight into establishing a comprehensive risk management program for third parties can be beneficial to executing strategic initiatives while maintaining day to day security program activities.

    Building a third party risk management program? Get expert tips and insight.

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    Understand Your Third Parties’ Environment

    The best place to start is with researching common problems, and/or typical security breaches in the vendor’s area you are analyzing to better understand how to evaluate the third parties that you are working with.

    One way to gain insight into these issues on a continuous basis, is by using an automated security monitoring tool. These tools can not only help you communicate better with your vendors about potential risk, but also keep an eye out for risk areas and help determine your key risk indicators.

    The Mouse On Your Computer Screen Starts To Move Around On Its Own And Click On Things On Your Desktop What Do You Do

    Webinar: Dealing With Third-Party Risk Assessments: Creating and responding to vendor questionnaires

    a) Call your co-workers over so they can see

    b) Disconnect your computer from the network

    c) Unplug your mouse

    e) Turn your computer off

    f) Run anti-virus

    g) All of the above

    Select all the options that apply.

    Right answer is B & D.

    This is definitely suspicious. Immediately report the problem to your supervisor and the ITS Support Center: itrequest.ucsc.edu, 459-HELP , [email protected] or Kerr Hall room 54, M-F 8AM-5PM

    Also, since it seems possible that someone is controlling the computer remotely, it is best if you can disconnect the computer from the network until help arrives. If possible, dont turn off the computer.

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    Forget The Macbook Pro Apple Has Something Better

    This guidance provides a blueprint for what the DOJ considers a solid risk and compliance program and its expectations for it to be dynamic versus static.

    If a company is under investigation, federal prosecutors will consider the strength and efficacy of the compliance program when determining individual fault versus system irresponsibility.

    Third parties do not shield you from risk they magnify it.

    Its this last point I want to cover in a bit more depth.

    The risk is yours whether you like it or not.

    The DOJ guidance is transparently clear on this issue when it comes to your supply chain and other third parties vendors, suppliers, contractors, distributors, partners or some other agent. As a business, you assume the risk that third parties introduce to your business when acting on your behalf, regardless of the type of work they perform. Therefore, it is your responsibility to look for and mitigate that risk.

    The DOJ essentially directs companies to apply risk-based due diligence to their third-party relationships and the guidance further suggests they should be able to explain the business rationale for needing the third party at all. This adds an extra layer of consideration when bringing on outside vendors.

    The DOJ expects companies to know not only why they require this third party, but the risks they might pose including third-party company reputations and relationships with foreign officials.

    Do we train third parties on our compliance expectations?

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