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| Section | Weight | Objectives |
|---|---|---|
| Governance | 26% | - Risk Strategy Alignment
|
| Risk Response and Reporting | 32% | - Risk Treatment Options
|
| IT Risk Assessment | 20% | - Risk Analysis and Evaluation
|
| Monitoring and Control | 22% | - Risk Monitoring
|
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NEW QUESTION # 459
Which of the following comes under phases of risk management?
Answer: A,B,C,D
Explanation:
Section: Volume D
Explanation:
Risk management provides an approach for individuals and groups to make a decision on how to deal with potentially harmful situations.
Following are the four phases involved in risk management:
1. Risk identification: The first thing we must do in risk management is to identify the areas of the project where the risks can occur.
This is termed as risk identification. Listing all the possible risks is proved to be very productive for the enterprise as we can cure them before it can occur. In risk identification both threats and opportunities are considered, as both carry some level of risk with them.
2. Risk Assessment and Evaluation: Risk assessment use quantitative and qualitative analysis approaches to evaluate each significant risk identified.
3. Risk Prioritization and Response: As many risks are being identified in an enterprise, it is best to give each risk a score based on its likelihood and significance in form of ranking. This concludes whether the risk with high likelihood and high significance must be given greater attention as compared to similar risk with low likelihood and low significance. Hence, risks can be prioritized and appropriate responses to those risks are created.
4. Risk Monitoring: Risk monitoring is an activity which oversees the changes in risk assessment. Over time, the likelihood or significance originally attributed to a risk may change. This is especially true when certain responses, such as mitigation, have been made.
NEW QUESTION # 460
Which of the following is the BEST indicator of the effectiveness of IT risk management processes?
Answer: B
Explanation:
IT risk management is the process of identifying, assessing, and mitigating the risks related to the use of information technology (IT) in the organization. IT risk management aims to ensure the confidentiality, integrity, and availability of IT resources and information, and to support the IT governance and strategy of the organization1.
The best indicator of the effectiveness of IT risk management processes is the time between when IT risk scenarios are identified and the enterprise's response. This indicator can help to measure how quickly and efficiently the organization can detect and respond to the IT risks, and how well the organization can prevent or minimize the negative impacts of the IT risks. The time between when IT risk scenarios are identified and the enterprise's response can include:
* The time taken to identify and report the IT risk scenarios, using various methods and sources, such as risk assessments, audits, monitoring, alerts, or incidents
* The time taken to analyze and evaluate the IT risk scenarios, using various tools and techniques, such as risk matrices, risk registers, risk indicators, or risk models
* The time taken to select and implement the IT risk responses, using various strategies and controls, such as avoidance, mitigation, transfer, or acceptance
* The time taken to review and improve the IT risk management processes, using various feedback and learning mechanisms, such as lessons learned, best practices, or benchmarks23 The other options are not the best indicators of the effectiveness of IT risk management processes, but rather some of the inputs or outputs of IT risk management processes. Percentage of business users completing risk training is an indicator of the awareness and competence of the IT users and providers, which can affect the IT risk management performance, but it does not measure the IT risk management processes directly.
Percentage of high-risk scenarios for which risk action plans have been developed is an indicator of the completeness and coverage of the IT risk management activities, which can affect the IT risk management outcomes, but it does not measure the IT risk management processes directly. Number of key risk indicators (KRIs) defined is an indicator of the scope and complexity of the IT risk management objectives, which can affect the IT risk management resources and capabilities, but it does not measure the IT risk management processes directly. References =
* IT Risk Management - ISACA
* Risk Management Process - ISACA
* Risk Response - ISACA
* [CRISC Review Manual, 7th Edition]
NEW QUESTION # 461
A risk practitioner has learned that an effort to implement a risk mitigation action plan has stalled due to lack of funding. The risk practitioner should report that the associated risk has been:
Answer: C
NEW QUESTION # 462
An organization is subject to a new regulation that requires nearly real-time recovery of its services following a disruption. Which of the following is the BEST way to manage the risk in this situation?
Answer: B
Explanation:
Updating the BCP to align with real-time recovery requirements ensures the organization's resilience to disruptions while meeting regulatory standards. This action reflects Business Continuity and Disaster Recovery Planning best practices.
NEW QUESTION # 463
Which of the following would BEST help an enterprise define and communicate its risk appetite?
Answer: C
Explanation:
The best way to help an enterprise define and communicate its risk appetite is to use a risk register, which is a
document that records and summarizes the key information and data about the identified risks and the risk
responses1. A risk register can help to:
Define the risk appetite, which is the amount and type of risk that the enterprise is willing to accept or pursue
in order to achieve its objectives2. The risk register can include the risk appetite statement, which is a clear
and concise expression of the enterprise's risk preferences and boundaries3.
Communicate the risk appetite, which is the process of sharing and informing the risk appetite to the relevant
stakeholders, such as the board, the management, the employees, or the customers4. The risk register can be
used as a communication tool, which can provide a consistent and transparent view of the enterprise's risk
profile and performance5.
The other options are not the best ways to help an enterprise define and communicate its risk appetite, because:
Gap analysis is a technique that compares the current state and the desired state of a process, system, or
organization, and identifies the gaps or differences between them6. Gap analysis can help to assess the
alignment or misalignment of the enterprise's risk appetite with its risk level, but it does not help to define or
communicate the risk appetite itself.
Risk assessment is a process that estimates the probability and impact of the risks, and prioritizes the risks
based on their significance and urgency. Risk assessment can help to identify andanalyze the risks that may
affect the enterprise's objectives, but it does not help to define or communicate the risk appetite itself.
Heat map is a graphical representation that uses colors to indicate the level or intensity of a variable, such as
risk. Heat map can help to visualize and compare the risks based on their probability and impact, but it does
not help to define or communicate the risk appetite itself.
References =
Risk Register - CIO Wiki
Risk Appetite - CIO Wiki
Risk Appetite Statement - CIO Wiki
Risk Communication - CIO Wiki
Risk Reporting - CIO Wiki
Gap Analysis - CIO Wiki
[Risk Assessment - CIO Wiki]
[Heat Map - CIO Wiki]
[Risk and Information Systems Control documents and learning resources by ISACA]
NEW QUESTION # 464
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