hen an organization's disaster recovery plan (DRP) has reciprocal agreement, which of the following risk treatment approaches is a Mitigation being applied? The support requires sharing space, computer facilities, and technology resources. Shortcoming of reciprocal agreement are not discovered until after disaster strike. Home Isaca CRISC When an organizations disaster recovery plan has a reciprocal agreement, which of the following risk treatment options is being applied? Your email address will not be published. VCEguide does not own or claim any ownership on any of the brands. Satellite Communications (Internet, Service Bureau, VoIP), Comprehensive Testing to meet FFIEC Compliance, Complete Technology Package for Full Bank Recovery. Offering weekly webinars, the latest industry news, rules and regulations, podcasts, the industrys only official mentoring program, a quarterly magazine, and two annual live conferences, DRJ is leading the way to keep professionals up-to-date and connected in an ever-changing world. Don't take our word for it. If the two partnering organizations are in close geographic proximity, this could lead to both organizations being subjected to the same environmental disaster, such as an earthquake. What is your plan for recovery should disaster strike your financial institution? If your building is damaged or destroyed and you have a reciprocal agreement with a nearby partner branch or competitor, you may be putting your business at risk. The reciprocal site is to have a reciprocal agreement or memorandum of agreement with an internal or external entity. Reciprocal Agreement 1. concept testing and business continuity solutions to the financial industry since 2005. The reciprocal agreement documents contain legal deficiencies Both of these business units are vulnerable to the same incident The IT systems of the two divisions are not identical An auditor is reviewing a company's recovery from a disaster (large building fire) in which all critical data needed to resume business operations were not retained. A reciprocal agreement, according to FFIEC guidelines, is "an agreement whereby two organizations with similar computer systems agree to provide computer processing time for the other in the event one of the systems is rendered inoperable." Each other organization millions of reciprocal agreement requires less than cold sites. Resources may not be available when needed. Developments may result in hardware and software incompatibility. Which of the following represents the GREATEST risk created by a reciprocal agreement for disaster recovery made between two companies?A. Confidentiality is another angle of concern; the damaged organization is in a vulnerable position. As a trusted disaster recovery service provider specializing in the banking industry, Recovery Solutions advises against reciprocal agreements for many reasons including risks to your reputation, potential loss of business, and possible noncompliance to FFIEC mandates. School Temple University; Course Title ACCT 5202; Type. We are an industry leader in disaster recovery planning and business resumption for financial institutions: Reciprocal Agreements Worth the Risk? It is also sometimes referred to as a mutual-aid agreement. DownloadPrintable PDF. The disaster recovery tasks for business. Announces Third Quarter Fiscal Year 2022 Financial Results and Raises 2022 Guidance. Actual exam question from Isaca's CISA. B. So, let's understand what is it and why is it referred so: The reciprocal agreement option requir. Topic #: 1. Transfer Be informed and stay connected by getting the latest in news, events, webinars and whitepapers on Business Continuity and Disaster Recovery. If your business operates multiple locations you may consider a space and technology sharing plan in your BCP. Financial institutions must have an understanding of the risks associated with reciprocal agreements and potential benefits to each choice. ZenGRC from Reciprocity is a governance, risk management, and compliance (GRC) software-as-a-service (SaaS) platform that can help your organization create a comprehensive DRP program, focusing on risk management, incident response handling, documentation, and recovery processes. This agreement allows two organizations to back each other up. Transfer Disaster Recovery Journal is the industrys largest resource for business continuity, disaster recovery, crisis management, and risk management, reaching a global network of more than 138,000 professionals. Read how they turned disaster into success with help from Recovery Solutions. Hard to enforce and follow through when Disaster strikes, Company culture, hardware and other incompatibilities are major concern. What is Reciprocal Agreement in Disaster Recovery and Business Continuity Management: Its a pledge of assistance between two companies to use each others resources in case of disaster. When an organizations disaster recovery plan has a reciprocal agreement, which of the following risk treatment options is being applied? recovery? Two things come to mind, the first is cost and the second is availability. When an organization's disaster recovery plan has a reciprocal agreement? 41 During an audit of a reciprocal disaster recovery agreement between two. The recovery plan cannot be tested. VCEguide does not offer exam dumps or questions from actual exams. When an organization's disaster recovery plan has a reciprocal agreement, which of the following risk treatment options is being applied? The recovery plan cannot be tested.D. The BIA is tasked with answering three vital questions: VALID exam to help you PASS. The reciprocal arrangement is often referred to as disaster recovery. Reciprocal Site is to have a Reciprocal Agreement or Memorandum of Agreement with an internal or external entity. by DRJ Editorial Team | July 23, 2019 | | 0 comments. BL-B-5 Click to know more. To view or add a comment, sign in There are many important differences between a reciprocal arrangement versus having access to a mobile banking facility. Reciprocal agreements are common for financial institutions attempting to comply with FFIEC disaster recovery requirements without incurring major costs. B. Reciprocal Agreement (Definition) A reciprocal agreement is an agreement made by two or more companies to use each other's resources during a disaster. Question #: 1409. Similar Terms: Mutual Aid Agreement . In order to meet FFIEC compliance, your bank must exhibit the ability to resume normal business function quickly. B. Avoidance. Edit Profile. Developments may result in hardware and software incompatibility.B. disaster recovery, crisis management, and risk management, reaching a global network of more than . Which of the following represents the GREATEST risk created by a reciprocal agreement for disaster recovery made between two companies? Pages 32 Ratings 100% (10) 10 out of 10 people found this document helpful; Inability to test the recovery plans onsite. CFA and Chartered Financial Analyst are registered trademarks owned by CFA Institute. Test Prep. Resources may not be available when needed.C. document.getElementById( "ak_js_1" ).setAttribute( "value", ( new Date() ).getTime() ); VCEguide gives free questions, answers and explanations for such certifications as CCNA, CCNP, Azure, A+, Network+, Security+, IBM, VMwareLearn and Pass IT Certification Exams Easily. . Your email address will not be published. A. Recovery Solutions is committed to educating your staff on the importance of disaster recovery planning; consequently our experts have compiled a helpful, downloadable document designed to educate your staff and give you the tools necessary to make an informed decision. We offer learning material and practice tests created by subject matter experts to assist and help learners prepare for those exams. D. Mitigation. Disaster Recovery Journal is the leading publication/event covering business continuity/disaster recovery. Agreement between two organizations (or two internal business groups) with similar equipment/environment that allows each one to recover at the other's location. BL-B-5 Click to know more Related Terms: Alternate Site, Reciprocal Site . Reciprocal Agreement. Note (1): Reciprocal Site can be drawn up between two similarly configured organizations. A. Recovery Solutions is a proven leader in providing disaster recovery, annual proof of. Subscribe, by DRJ Editorial Team | July 23, 2019 | | 0 comments. Each organization must have spare processing time, hardware capability or amenity at a limited capacity to support the critical business functions and applications of the organization in distress. A Wiki Glossary for Business Continuity Management (BCM) and Disaster Recovery (DR). Well articulated. Transfer. Its most likely that the other business may be affected by the same evacuation order, power outage, telecommunication loss, earth quake, and storms due to proximity to each other. If you are responsible for Business Continuity, Disaster Recovery, or Risk Management in your organization, you may contact me for exchange of ideas or pay close attention to my coming posts as I will be thoroughly analyzing all the elements of DRP & BCP according to NIST guidelines. 08/13/2019 - by Mod_GuideK 0 A. Related Terms: Alternate Site, Reciprocal Agreement.. Resources may not be available when needed. We review their content and use your feedback to keep the quality high. Experts are tested by Chegg as specialists in their subject area. Uploaded By vidwan. Construction delays forced them to work out of the mobile unit for more than a year. Chris Gavin, president & CEO of Midwest Bank of Western Illinois, whose bank was damaged by fire, says a mobile bank from Recovery Solutions helped them respond and recover from disaster without sacrificing their business or their reputation. [All CRISC Questions] When an organization's disaster recovery plan has a reciprocal agreement, which of the following risk treatment options is being applied? If a natural disaster damages a significant geographical area, will the reciprocal location be damaged as well? Agreement between two organizations (or two internal business groups) with similar equipment/environment that allows each one to recover at the others location. What is a reciprocal arrangement as it refers to disaster Here is a good resources to capture areas that are prone to disaster by category "http://usatoday30.usatoday.com/life/graphics/natural_disasters/flash.htm". The security infrastructures in each company may be different. So, let's understand what is it and why is it referred so: The reciprocal agreement option requir View the full answer You'll get a detailed solution from a subject matter expert that helps you learn core concepts. While disaster recovery exercises are important but difficult to perform in a reciprocal agreement, the greater risk is geographic proximity. [All CISA Questions] Which of the following is the GREATEST risk of using a reciprocal site for disaster recovery? The recovery plan cannot be tested. To view or add a comment, sign in. An agreement that allows two organizations to back each other up. All certification brands used on the website are owned by the respective brand owners. Should disaster strike and you are forced to resume business in a reciprocal facility, what would it look like through the eyes of your customers? While a reciprocal agreement with a partner branch or competing institution may look like a way to save costs, there are often consequences that can be exponentially more costly in the long run. Actual exam question from Isaca's CRISC. Will your staff be able to perform effectively? Click here to join our newsletter mailing list for monthly updates and tips for disaster recovery. This agreement allows two organizations to back each other up. C. Mismatched organizational security policies. Inability to utilize the site when required. We does not offer real Microsoft - CompTIA - Amazon - Cisco - Oracle Exam Questions. . Reciprocal sites can be drawn up between two similarly configured organizations. 2003-2022 Chegg Inc. All rights reserved. The security infrastructures in each company may be different. Our team of experts has a combined 130 years of experience in the banking industry, providing working knowledge of every aspect of financial disaster planning and recovery. Within one day of being contacted, Recovery Solutions had a mobile bank on site and helped them recover without losing a single piece of business. C. Acceptance The steps for accomplishing this require trying to think through all possible disasters, assess the risk of those disasters, quantify the impact, determine the loss, and identify and prioritize operations that would require disaster recovery planning in the event of those disasters. CFA Institute does not endorse, promote or warrant the accuracy or quality of VCEguide. Similar Terms: Mutual Aid Agreement. The security infrastructures in each company may be different. Required fields are marked *. Excellent post James thanks for sharing! D. Mitigation. DRJ Glossary of Business Continuity Terms, NetApp Opens New International Headquarters in Cork, Ireland to Extend the Companys Continued Investment in Hybrid Multicloud Data Management, Black Friday iPhone (14, 13, 12, 11) Deals 2022: Early Apple iPhone Savings Monitored by Consumer Articles, FuboTV Announces Q3 2022 Results; North American Streaming Business Delivered Record High 1,231,000 Subscribers, Exceeded Revenue Forecast, REPAY to Attend Upcoming Investor Conferences, Ubiquiti Inc. Reports First Quarter Fiscal 2023 Financial Results, CCC Intelligent Solutions Holdings Inc. When an organizations disaster recovery plan has a reciprocal agreement, which of the following risk treatment options is being applied? Which of the following represents the GREATEST risk created by a reciprocal agreement for disaster recovery made between two companies? Recovery Solutions | Phone: 815-577-1999 | Fax: 815-577-1991|. O b. Avoidance O d.Transfer c. Acceptance QUESTION 29 The final decision to include a material finding in an audit report should e made by the O a Auditee's manager O b. Care should be taken with reciprocal agreements to ensure that the businesses concerned are unlikely to be affected by the same disaster. Most companies jump to this offer because its cheap or appears to be a cost-effective approach, but the drawbacks outweigh its benefits. Here are a few key considerations: There are numerous important questions to ask when considering a reciprocal agreement. The reciprocal arrangement is often referred to as disaster recovery. Show Answer Hide Answer Correct [] Now when you talk about your Disaster Recovery Plan (DRP) you need to know the different types of recovery sites or options; namely reciprocal agreement, cold site, warm site, hot site, redundant site and mobile sites. B. Avoidance Already registered user? Developments may result in hardware and software incompatibility. This field is for validation purposes and should be left unchanged. C. Acceptance. Reciprocal Agreements vs. Recovery Solutions Mobile Banking Facilities. MAID is similar to RAID except it . Topic #: 1. Preview of Disaster Recovery Plan & Business Continuity Plan ProcessNIST 800-34 BCP/DRP process: Develop the contigency planning policy statementConduct the business impact analysis (BIA)Identify preventive controlDevelop recovery strategiesDevelop IT contigency planTest the plan, train employees, and hold exercisesMaintain the plan, Note: A well define BCP takes approximately 2-years to complete. Please login here, Create new account (it's completely free). Similar Terms: Mutual Aid Agreement. A. 41 during an audit of a reciprocal disaster recovery. Question #: 410. As a trusted disaster recovery service provider specializing in the banking industry, Recovery Solutions advises against reciprocal agreements for many reasons including risks to your reputation, potential loss of business, and possible noncompliance to FFIEC mandates. . What is Reciprocal Agreement in Disaster Recovery and Business Continuity Management: It's a pledge of assistance between two companies to use each other's resources in case of disaster.. Organizations to back each other up reciprocal sites can be drawn up between two similarly configured organizations are... Disaster into success with help from recovery Solutions, and technology sharing plan in your BCP any. Without incurring major costs and practice tests created by subject matter experts to assist and help learners prepare for exams! Resumption for financial institutions must have an understanding of the following represents the GREATEST risk of using reciprocal! 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