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| Section | Weight | Objectives |
|---|---|---|
| Monitoring and Reporting | 28% | - Risk and control monitoring
|
| IT Risk Identification | 26% | - Communicate risk analysis
|
| IT Risk Assessment | 26% | - Identify control effectiveness
|
| Risk Response and Mitigation | 20% | - Develop and implement controls
|
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NEW QUESTION # 672
Which of the following scenarios presents the GREATEST risk of noncompliance with data privacy best
practices?
Answer: B
Explanation:
Data Privacy Principles:
Consent and Purpose Limitation: According to data privacy regulations like GDPR, data subjects must
provide explicit consent for specific purposes. Using data for purposes beyond what was consented to violates
these principles, posing significant compliance risks.
Transparency and Accountability: Organizations must be transparent about how they use personal data and
ensure accountability in data processing. Using data without consent undermines this transparency and
accountability.
Greatest Risk of Noncompliance:
Legal and Regulatory Risks: Using personal data without consent can lead to severe penalties under laws like
GDPR and CPRA. These laws impose heavy fines for noncompliance, making this scenario the highest risk.
Reputational Damage: Unauthorized use of personal data can severely damage an organization's reputation,
leading to loss of customer trust and potential financial losses.
Operational Impact: Ensuring compliance with consent requirements is fundamental to an organization's data
processing activities. Failure to do so can disrupt business operations and necessitate significant remediation
efforts.
Comparison with Other Options:
Making Data Available to a Larger Audience of Customers: While potentially risky, this does not inherently
violate data privacy principles if done within consented uses.
Data Not Being Disposed According to the Retention Policy: This poses risks related to data minimization
and retention principles but is less severe than unauthorized data use.
Personal Data Not Being De-identified Properly: This is a significant risk but typically involves fewer direct
legal and regulatory implications compared to using data without consent.
References:
CRISC Review Manual: Discusses the importance of informed consent and the principles of data privacy,
emphasizing the severe implications of using personal data without consent .
ISACA Guidelines: Highlight the need for transparency and accountability in data processing, aligning with
global privacy regulations .
NEW QUESTION # 673
Which of the following is MOST important to understand when determining an appropriate risk assessment approach?
Answer: C
Explanation:
Section: Volume D
NEW QUESTION # 674
An organization is concerned that a change in its market situation may impact the current level of acceptable risk for senior management. As a result, which of the following is MOST important to reevaluate?
Answer: B
Explanation:
Risk Appetite:
* Risk appetite is the amount and type of risk that an organization is willing to take in order to meet its objectives. It reflects the organization's risk tolerance and guides decision-making at all levels.
Impact of Market Changes:
* A change in the market situation can alter the risk landscape, potentially affecting the organization's ability to achieve its objectives. This might necessitate a reassessment of what level of risk is acceptable.
* Senior management needs to ensure that the risk appetite remains aligned with the new market conditions and organizational goals.
Reevaluation Process:
* Reevaluating the risk appetite involves assessing the organization's capacity to bear risk and determining if the current acceptable risk levels are still appropriate.
* This might involve more conservative or aggressive risk-taking strategies based on the new market dynamics.
Other Considerations:
* Risk Classification: This categorizes risks but does not directly address changes in acceptable risk levels.
* Risk Policy: While important, the policy outlines the approach to managing risk and is influenced by the risk appetite.
* Risk Strategy: This defines how risks are managed but should be aligned with the risk appetite.
References:
* The CRISC Review Manual emphasizes the importance of aligning risk appetite with the organization's strategic objectives and market conditions (CRISC Review Manual, Chapter 1: Governance, Section
1.10 Risk Appetite, Tolerance, and Capacity) .
NEW QUESTION # 675
Which among the following acts as a trigger for risk response process?
Answer: A
Explanation:
Explanation/Reference:
Explanation:
The risk response process is triggered when a risk exceeds the enterprise's risk tolerance level. The acceptable variation relative to the achievement of an objective is termed as risk tolerance. In other words, risk tolerance is the acceptable deviation from the level set by the risk appetite and business objectives.
Risk tolerance is defined at the enterprise level by the board and clearly communicated to all stakeholders.
A process should be in place to review and approve any exceptions to such standards.
Incorrect Answers:
A, C: Risk appetite level is not relevant in triggering of risk response process. Risk appetite is the amount of risk a company or other entity is willing to accept in pursuit of its mission. This is the responsibility of the board to decide risk appetite of an enterprise. When considering the risk appetite levels for the enterprise, the following two major factors should be taken into account:
The enterprise's objective capacity to absorb loss, e.g., financial loss, reputation damage, etc.
The culture towards risk taking-cautious or aggressive. In other words, the amount of loss the
enterprise wants to accept in pursue of its objective fulfillment.
D: Risk response process is triggered when the risk level increases the risk tolerance level of the enterprise, and not when it just equates the risk tolerance level.
NEW QUESTION # 676
What is the GREATEST concern with maintaining decentralized risk registers instead of a consolidated risk
register?
Answer: B
Explanation:
A risk register is a tool that records and tracks the identified risks, their causes, impacts, likelihood, responses,
and owners. A decentralized risk register is maintained by each business unit or function, while a consolidated
risk register is maintained at the enterprise level. The greatest concern with maintainingdecentralized risk
registers instead of a consolidated risk register is that the aggregated risk may exceed the enterprise's risk
appetite and tolerance. Risk appetite is the amount and type of risk that an enterprise is willing to accept in
pursuit of its objectives, while risk tolerance is the acceptable level of variation around the objectives. If the
risk registers are not consolidated, the enterprise may not have a holistic view of its risk profile and may not
be able to prioritize and allocate resources effectively. The other options are also concerns, but they are not as
significant as the potential misalignment between the aggregated risk and the enterprise's risk appetite and
tolerance. References = Risk and Information Systems Control Study Manual, 7th Edition, Chapter 1, Section
1.2.2.2, pp. 21-22.
NEW QUESTION # 677
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