ServiceNow CIS-VRM Exam Questions : Certified Implementation Specialist - Vendor Risk Management

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Topics of Certified Implementation Specialist - Vendor Risk Management (CIS VRM) Exam

Exam content is split into Learning Domains that relate to key topics and operations usually encountered during the implementation of ServiceNow. Relevant learning goals have been established in each Learning Domain and are evaluated in the exam. The following table shows the domains, weightings, and sub-skills in learning measured by this analysis and the percentage of questions represented in each domain. An all-inclusive list of exam content should NOT be considered to include the subskills mentioned. The CIS VRM exam dumps pdf contains all of these topics so definitely check them to get a fair understanding of the exam topics.

Learning Domain 1 - Vendor Risk Management Review and Vendor Risk Management Review (23.3%)

Area of focus for this domain:

• Technical Details
• Vendor Risk Management Process
• About Vendor Risk Management

Learning Domain 2 - Core Configuration (13.3%)

Area of focus for this domain:

• Vendor Contacts Configuration
• Vendor Tiering Configuration
• Vendor Portfolio Configuration
• Vendor Security Scoring Configuration

Learning Domain 3 - Assessment Configuration (25%)

Area of focus for this domain:

• Vendor Risk Assessment Configuration
• Vendor Risk Assessment Generation
• Vendor Risk Assessment Calculations
• Vendor Risk Assessment Lifecycle
• Assessment Basics

Learning Domain 4 - Risk Issues and Processes (13.3%)

Area of focus for this domain:

• Vendor Risk Issue Configuration
• Vendor Risk Process Workflows
• Vendor Risk Task Configuration

Learning Domain 5 - Vendor Portal Configuration (15%)

Area of focus for this domain:

• Vendor Assessment Processing and Configuration
• Contact Configuration

Learning Domain 6 - Other Application Relationships (5%)

Area of focus for this domain:

• Other Application Relationships
• Monitor Risk and Control Compliance
• ServiceNow GRC Overview

Learning Domain 7 - Dashboards and Reports (5%)

The benefit of obtaining the Certified Implementation Specialist - Vendor Risk Management (CIS VRM) Exam Certification

It's all a matter of risk. First and foremost, a properly designed and well-run vendor risk management program would decrease risk. Third parties have the potential to expose your organization to the risk of a violation, non-compliance, financial penalties, and reputational harm, particularly those handling sensitive data. You've probably taken those risks down to a degree that at a minimum, suits your risk appetite if your VRM program is humming along. (Side note: If you read Part 1 of our series, you will know that vendor risk management aims to reduce, not eliminate, vendor risk to an acceptable level.)

You can take a deep breath and concentrate on driving the most value from your vendor partnership, with third-party risk properly mitigated. Cost slashing, not corners. There are expensive and inefficient ad hoc vendor risk management systems. It can be even more so to operate without a vendor risk management program, especially when you consider the costs associated with data loss, remediation work, and enforcement fines.

Although it takes an initial cost to build a vendor risk management program from the ground up the long-term benefits are priceless. Ultimately, the expense of dealing with suppliers is minimized, as, during initial onboarding, a centralized and structured process for rating suppliers removes the need for duplicative and expensive reviews if the supplier interacts with a new area of the organization. For the first time, do it right, and the long-term costs are merely the expense of constant vendor monitoring.

The operating costs of assessing suppliers are also minimized by centralizing and standardizing your vendor risk control. If IT, compliance, sourcing, and risk management both carry out different risk evaluations of new suppliers, you are likely to see organizational inefficiencies that push up the cost of evaluating each supplier (and giving your vendors headaches). It can dramatically reduce your labor and costs by centralizing these operations into a single VRM function.

Danger comprehension over time. A well-designed vendor risk management program creates better metrics to compare risk scores between competing vendors, providing you with simple, repeatable, reliable metrics to assess your vendors' risk levels. Of course, during initial seller selection, this is helpful, but it can also be used during contract recompetes and renewals. Knowing the risk score of a vendor (ideally maintained up-to-date through ongoing monitoring) enables you to award contracts to “low trouble” vendors, those with a proven track record of strong internal controls and data protection mechanisms, reducing the total cost you will spend over the lifetime of the contract on vendor maintenance, monitoring, and mitigation.

Leverage Gaining. Engaging third parties requires negotiation, and your company has tight competition. Knowing a supplier's risk profile gives you leverage to require the prospective supplier to change their behavior in certain ways. In some cases, as you seek to reduce the cost of the vendor to allocate funds to risk mitigation, it may also give you a tool to negotiate to price. Both of these results allow improved vendor behaviors and cost reductions, resulting in positive impacts on your relationship with your business and vendor.

Maintaining conformity. The reality that the vendor ecosystem of a company serves as an extension of the company and should be treated as such has been recognized by most new industry frameworks and data privacy regulations.

The General Data Protection Regulation (GDPR) of the EU is the first regulation to keep data processors, mostly suppliers, equally accountable in the event of a violation (as discussed in Part 3 of our series). It also puts increased focus on getting appropriate controls in place for the data controller (which is mostly you) to secure data that is being processed beyond your perimeter. This trend seems likely to continue with the post-GDPR wave of regulations, such as the California Consumer Privacy Act, requiring you to pay more and more attention to your vendors or face skyrocketing fines in the event of a breach. A powerful VRM program simplifies your compliance efforts and protects you from penalties and fines.

Consistency and continuity of building. Centralized management of vendor risk means that your organization understands vendor risk, not just the individual managing the vendor relationship. If you have changes in departmental leadership, without interruption, new leaders will be able to review and understand each vendor's risk, as well as their historical risk performance.

Besides, unified VRM helps anyone in the company, without having to deal with needless inter-department paperwork, to easily engage approved suppliers for high-priority projects. Expand this concept to complex organizations of portfolio companies or sub-brands, and huge efficiencies will begin to be realized. The accuracy and centralized nature of the reviews ensure that even when internal resources shift, your organization can run efficiently and without interruption.

Reference: https://www.servicenow.com/content/dam/servicenow/other-documents/training/blueprint-cis-vrm.pdf

Introduction to Certified Implementation Specialist - Vendor Risk Management (CIS VRM) Exam

The ServiceNow Certified Implementation Specialist-Vendor Risk Management Exam Specification specifies the goal, audience, testing options, coverage of review material, test framework, and prerequisites for being a Certified Implementation Specialist for Vendor Risk Management (VRM). The Certified Implementation Specialist test certifies that a qualified candidate has the expertise and necessary knowledge to contribute to the application for ServiceNow Vendor Risk Management configuration, implementation, and maintenance.

A unified mechanism for managing the vendor portfolio of your company and completing the vendor evaluation and remediation lifecycle is provided by the Vendor Risk Management application. Integrating with other GRC systems also offers top-down traceability for monitoring and hazard enforcement. Take this exam to start developing the implementation strategy of Vendor Risk Management (VRM). This exam covers knowledge of the domain, common technical aspects of an implementation, as well as procedures for managing an implementation effectively.

Attendees will learn tactical skills and tactics that will help prepare them soundly and effectively to execute Vendor Risk. Students draw on existing expertise and skills through seminars, community discussions, presentations, and hands-on labs by incorporating the best practices for implementation. Topics of the Exam include:

• Vendor Portal Experience
• Assessment Configuration
• Core Configuration
• Dashboards and Reports
• Vendor Risk Management Overview
• Application Relationships

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ServiceNow CIS-VRM Exam Syllabus Topics: