FirstMeridian Business Services Interview Questions and Answers

Q1. What is the TPRM lifecycle and why is it important?
Ans. 
The TPRM lifecycle involves assessing, managing, and monitoring third-party risks to ensure compliance and protect organizational interests.
• Identification: Recognizing third-party vendors and their potential risks, e.g., a cloud service provider.

• Assessment: Evaluating the risk level of each vendor, such as financial stability or data security practices.

• Mitigation: Implementing strategies to reduce identified risks, lik...read more
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Q2. What are supplier metrics, and how can they be measured?
Ans. 
Supplier metrics evaluate supplier performance and reliability, aiding businesses in decision-making and relationship management.
• On-time delivery rate: Measures the percentage of orders delivered on or before the promised date. Example: 95% on-time delivery.

• Quality of goods: Assesses the defect rate of products supplied. Example: Less than 2% defect rate in delivered items.

• Cost competitiveness: Compares supplier pricin...read more
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Q3. How do you manage both old and new vendors in terms of risk management?
Ans. 
Effective vendor risk management involves assessing, monitoring, and engaging both old and new vendors strategically.
• Conduct thorough risk assessments for new vendors, including financial stability and compliance checks.

• For old vendors, regularly review performance metrics and compliance with contractual obligations.

• Implement a vendor scorecard system to evaluate both old and new vendors based on key performance indica...read more
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Q1. Methodologies in Agile .
Ans. 
Agile methodologies focus on iterative development, collaboration, and flexibility.
• Agile methodologies include Scrum, Kanban, and Extreme Programming (XP).

• Scrum involves sprints, daily stand-up meetings, and a product backlog.

• Kanban focuses on visualizing work, limiting work in progress, and continuous delivery.

• Extreme Programming (XP) emphasizes coding standards, pair programming, and test-driven development.
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Q2. How do you manage requirement changes.
Ans. 
I manage requirement changes by documenting them, analyzing impact, communicating with stakeholders, and updating project plans.
• Document all requirement changes in a centralized system

• Analyze the impact of the changes on project scope, timeline, and budget

• Communicate changes to stakeholders and seek their approval

• Update project plans and documentation accordingly

• Ensure all team members are aware of the changes and thei
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Q1. Good process in nr consulting
Ans. 
Good process in NR consulting involves thorough analysis, clear communication, effective problem-solving, and continuous improvement.
• Thoroughly analyze the client's needs and current situation

• Communicate clearly with the client to ensure understanding and alignment

• Utilize effective problem-solving techniques to address challenges

• Continuously improve processes based on feedback and results
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Q2. Good process in nr consulting
Ans. 
Good process in NR consulting involves thorough analysis, clear communication, effective problem-solving, and continuous improvement.
• Thoroughly analyze the client's needs and current situation

• Communicate clearly with the client to ensure understanding and alignment

• Utilize effective problem-solving techniques to address challenges

• Continuously improve processes based on feedback and results
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