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| Section | Weight | Objectives |
|---|---|---|
| Topic 1: Risk Response and Reporting | 32% | - Risk Treatment Options
|
| Topic 2: Monitoring and Control | 22% | - Risk Monitoring
|
| Topic 3: IT Risk Assessment | 20% | - Risk Analysis and Evaluation
|
| Topic 4: Governance | 26% | - Enterprise Risk Management Framework
|
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NEW QUESTION # 1111
Which of the following should be the PRIMARY driver for the prioritization of risk responses?
Answer: D
Explanation:
Risk Appetite:
Risk appetite defines the level of risk that an organization is willing to accept in pursuit of its objectives. It
serves as a benchmark for evaluating and prioritizing risk responses.
Prioritizing Risk Responses:
When determining how to address risks, the primary consideration should be whether the residual risk falls
within the organization's risk appetite.
If a risk exceeds the appetite, it needs to be mitigated, transferred, or avoided. If it is within the appetite, it
might be accepted.
Influence of Other Factors:
Residual Risk:Important but must be evaluated against the risk appetite to determine if it is acceptable.
Mitigation Cost:Relevant for decision-making but secondary to aligning with risk appetite.
Inherent Risk:Initial risk assessment before controls are applied, but prioritization is based on residual risk
and risk appetite.
References:
The CRISC Review Manual highlights the role of risk appetite in guiding the prioritization of risk responses
(CRISC Review Manual, Chapter 3: Risk Response and Mitigation, Section 3.2.1 Prioritizing Risk
Responses).
NEW QUESTION # 1112
Which of the following should be the PRIMARY concern when changes to firewall rules do not follow change management requirements?
Answer: C
Explanation:
Unapproved changes to firewall rules can lead tocritical security vulnerabilitiesordisruptions to business services, representing adirect impact on the business. This is more critical than documentation or governance concerns.
Reference:CRISC Manual - Domain 1, Slide 120-122; Domain 3, Slide 312-314
NEW QUESTION # 1113
A newly enacted information privacy law significantly increases financial penalties for breaches of personally
identifiable information (Pll). Which of the following will MOST likely outcome for an organization affected
by the new law?
Answer: A
Explanation:
A loss event is an occurrence that results in a negative consequence or damage for an organization, such as a
data breach, a cyberattack, or a natural disaster. The impact of a loss event is the extent or magnitude of the
harm or loss caused by the event, such as financial losses, reputational damage, operational disruptions, or
legal liabilities. A newly enacted information privacy law that significantly increases financial penalties for
breaches of personally identifiable information (PII) will most likely increase the impact of a loss event for an
organization affected by the new law, because it will increase the potential cost and severity of a data breach
involving PII. The other options are not as likely as an increase in loss event impact, because they do not
directly result from the new law, but rather depend on other factors, such as the organization's risk
management capabilities, as explained below:
A: Increase in compliance breaches is not a likely outcome, because it assumes that the organization will not
comply with the new law, which would expose it to more risks and penalties. A rational organization would
try to comply with the new law by implementing appropriate controls and measures to protect PII and prevent
data breaches.
C: Increase in residual risk is not a likely outcome, because it assumes that the organization will not adjust its
risk response strategies to account for the new law, which would leave it with more risk exposure than
desired. A prudent organization would try to reduce its residual risk by enhancing its risk mitigation controls
or transferring its risk to a third party, such as an insurance company.
D: Increase in customer complaints is not a likely outcome, because it assumes that the organization will
experience more data breaches involving PII, which would affect its customer satisfaction and loyalty. A
responsible organization would try to avoid data breaches by improving its security posture and practices, and
by communicating transparently and effectively with its customers about the new law and its
implications. References = Risk and Information Systems Control Study Manual, Chapter 2, Section 2.1.1,
page 32.
NEW QUESTION # 1114
Which of the following actions assures management that the organization's objectives are protected from the occurrence of risk events?
Answer: D
Explanation:
Explanation/Reference:
Explanation:
Internal controls are the actions taken by the organization to help to assure management that the organization's objectives are protected from the occurrence of risk events. Internal control objectives are applicable to all manual or automated areas. Internal control objectives include:
Internal accounting controls- They control accounting operations, including safeguarding assets and
financial records.
Operational controls- They focus on day-to-day operations, functions, and activities. They ensure that
all the organization's objectives are being accomplished.
Administrative controls- They focus on operational efficiency in a functional area and stick to
management policies.
Incorrect Answers:
B: Risk management is the identification, assessment, and prioritization of risks followed by coordinated and economical application of resources. It is done to minimize, monitor, and control the probability and impact of unfortunate events or to maximize the realization of opportunities.
C: Hedging is the process of managing the risk of price changes in physical material by offsetting that risk in the futures market. In other words, it is the avoidance of risk. So, it only avoids risk but can not assure protection against risk.
D: Risk assessment is a process of analyzing the identified risk, both quantitatively and qualitatively.
Quantitative risk assessment requires calculations of two components of risk, the magnitude of the potential loss, and the probability that the loss will occur. While qualitatively risk assessment checks the severity of risk. The assessment attempts to determine the likelihood of the risk being realized and the impact of the risk on the operation. This provides several conclusions:
Probability-establishing the likelihood of occurrence and reoccurrence of specific risks, independently
and combined.
Interdependencies-the relationship between different types of risk. For instance, one risk may have
greater potential of occurring if another risk has occurred. Or probability or impact of a situation may increase with combined risk.
NEW QUESTION # 1115
Numerous media reports indicate a recently discovered technical vulnerability is being actively exploited.
Which of the following would be the BEST response to this scenario?
Answer: D
Explanation:
* A technical vulnerability is a weakness or flaw in the design or implementation of an information system or resource that can be exploited or compromised by a threat or source of harm that may affect the organization's objectives or operations. A technical vulnerability may be caused by various factors, such as human error, system failure, process inefficiency, resource limitation, etc.
* A vulnerability assessment is a process of identifying and evaluating the technical vulnerabilities that exist or may arise in the organization's information systems or resources, and determining their severity and impact. A vulnerability assessment can help the organization to assess and prioritize the risks, and to design and implement appropriate controls or countermeasures to mitigate or prevent the risks.
* The best response to the scenario of a recently discovered technical vulnerability being actively exploited is to conduct a vulnerability assessment, because it can help the organization to address the following questions:
* What is the nature and extent of the technical vulnerability, and how does it affect the functionality or security of the information system or resource?
* How is the technical vulnerability being exploited or compromised, and by whom or what?
* What are the potential consequences or impacts of the exploitation or compromise of the technical vulnerability for the organization and its stakeholders?
* How can the technical vulnerability be detected and reported, and what are the available or feasible options or solutions to address or correct it?
* Conducting a vulnerability assessment can help the organization to improve and optimize the information system or resource quality and performance, and to reduce or eliminate the technical vulnerability. It can also help the organization to align the information system or resource with the organization's objectives and requirements, and to comply with the organization's policies and standards.
* The other options are not the best responses to the scenario of a recently discovered technical vulnerability being actively exploited, because they do not address the main purpose and benefit of conducting a vulnerability assessment, which is to identify and evaluate the technical vulnerability, and to determine its severity and impact.
* Assessing the vulnerability management process is a process of evaluating and verifying the adequacy and effectiveness of the process that is used to identify, analyze, evaluate, and communicate the technical vulnerabilities, and to align them with the organization's objectives and requirements. Assessing the vulnerability management process can help the organization to improve and optimize the process, and to reduce or eliminate the gaps or weaknesses in the process, but it is not the best response to the scenario, because it does not indicate the nature and extent of the technical vulnerability, and how it affects the organization and its stakeholders.
* Conducting a control self-assessment is a process of evaluating and verifying the adequacy and effectiveness of the controls that are intended to ensure the confidentiality, integrity, availability, and reliability of the information systems and resources, using the input and feedback from the individuals or groups that are involved or responsible for the information systems activities or functions. Conducting a control self-assessment can help the organization to identify and document the control deficiencies, and to align them with the organization's objectives and requirements, but it is not the best response to the scenario, because it does not indicate the nature and extent of the technical vulnerability, and how it affects the organization and its stakeholders.
* Reassessing the inherent risk of the target is a process of reevaluating and recalculating the amount and type of risk that exists in the absence of any controls, and that is inherent to the nature or characteristics of the target, which is the information system or resource that is affected by the technical vulnerability. Reassessing the inherent risk of the target can help the organization to understand and document the risk exposure or level, and to align it with the organization's risk appetite and tolerance, but it is not the best response to the scenario, because it does not indicate the nature and extent of the technical vulnerability, and how it affects the organization and its stakeholders. References =
* ISACA, CRISC Review Manual, 7th Edition, 2022, pp. 40-41, 47-48, 54-55, 58-59, 62-63
* ISACA, CRISC Review Questions, Answers & Explanations Database, 2022, QID 195
* CRISC Practice Quiz and Exam Prep
NEW QUESTION # 1116
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