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| Section | Weight | Objectives |
|---|---|---|
| Topic 1: Technology and Security | 20% | - Emerging technologies and risk
|
| Topic 2: Governance | 26% | - Risk management strategy and policies
|
| Topic 3: IT Risk Assessment | 22% | - Risk analysis and evaluation
|
| Topic 4: Risk Response and Reporting | 32% | - Risk response strategies
|
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NEW QUESTION # 339
During a recent security framework review, it was discovered that the marketing department implemented a non-fungible token asset program. This was done without following established risk procedures. Which of the following should the risk practitioner do FIRST?
Answer: D
NEW QUESTION # 340
During a risk assessment of a financial institution, a risk practitioner discovers that tellers can initiate and approve transactions of significant value. This team is also responsible for ensuring transactions are recorded and balances are reconciled by the end of the day. Which of the following is the risk practitioner's BEST recommendation to mitigate the associated risk?
Answer: D
NEW QUESTION # 341
Which of the following is MOST important when developing risk scenarios?
Answer: B
Explanation:
The most important factor when developing risk scenarios is obtaining input from key stakeholders. A risk
scenario is a description of a possible event or situation that could affect the enterprise's objectives, processes,
or resources. Obtaining input from key stakeholders, such as business owners, process owners, subject matter
experts, or external parties, helps to ensure that the risk scenarios are realistic, relevant, and comprehensive. It
also helps to identify the sources,drivers, indicators, likelihood, impact, and responses of the risk scenarios,
and to align them with the enterprise's risk appetite and tolerance. Obtaining input from key stakeholders also
fosters a collaborative and participatory approach to risk management, and enhances the risk awareness and
ownership among the stakeholders. References = Risk and Information Systems Control Study Manual, 7th
Edition, Chapter 2, Section 2.1.3, page 621
NEW QUESTION # 342
When determining which control deficiencies are most significant, which of the following would provide the
MOST useful information?
Answer: D
Explanation:
A control deficiency is a weakness or flaw in the design or implementation of a control that reduces its
effectiveness or efficiency in achieving its intended objective or mitigating the risk that it is designed to
address. A control deficiency may be caused by various factors, such as human error, system failure, process
inefficiency, resource limitation, etc.
When determining which control deficiencies are most significant, the most useful information would be the
risk analysis results, which are the outcomes or outputs of the risk analysis process that measures and
compares the likelihood and impact of various risk scenarios, and prioritizes them based on their significance
and urgency. The risk analysis results can help to determine which control deficiencies are most significant by
providing the following information:
The level and priority of the risks that are associated with the control deficiencies, and the potential
consequences or impacts that they may cause for the organization if they materialize.
The gap or difference between the current and desired level of risk, and the extent or degree to which the
control deficiencies contribute to or affect the gap or difference.
The cost-benefit or feasibility analysis of the possible actions or plans to address or correct the control
deficiencies, and the expected or desired outcomes or benefits that they may provide for the organization.
The other options are not the most useful information when determining which control deficiencies are most
significant, because they do not provide the same level of detail and insight that the risk analysis results
provide, and they may not be relevant or actionable for the organization.
An exception handling policy is a policy that defines and describes the procedures and guidelines for dealing
with the situations or circumstances that deviate from the normal or expected operation or functionality of a
control, and that may require special or alternative actions or measures to address or resolve them. An
exception handling policy can provide useful information on how to handle or manage the control
deficiencies, but it is not the most useful information when determining which control deficiencies are most
significant, because it does not indicate the level and priority of the risks that are associated with the control
deficiencies, and the potential consequences or impacts that they may cause for the organization.
A vulnerability assessment is an assessment that identifies and evaluates the weaknesses or flaws in the
organization's assets, processes, or systems that can be exploited or compromised by the threats or sources of
harm that may affect the organization's objectives or operations. A vulnerability assessment can provide
useful information on the existence and severity of the control deficiencies, but it is not the most useful
information when determining which control deficiencies are most significant, because it does not indicate the
likelihood and impact of the risk scenarios that are associated with the control deficiencies, and the potential
consequences or impacts that they may cause for the organization.
A benchmarking assessment is an assessment that compares and contrasts the organization's performance,
practices, or processes with those of other organizations or industry standards, and identifies the strengths,
weaknesses, opportunities, or threats that may affect the organization's objectives or operations. A
benchmarking assessment can provide useful information on the best practices or improvement areas for the
organization, but it is not the most useful information when determining which control deficiencies are most
significant, because it does not indicate the level and priority of the risks that are associatedwith the control
deficiencies, and the potential consequences or impacts that they may cause for the organization. References =
ISACA, CRISC Review Manual, 7th Edition, 2022, pp. 19-20, 23-24, 27-28, 31-32, 40-41, 47-48, 54-55, 58-
59, 62-63
ISACA, CRISC Review Questions, Answers & Explanations Database, 2022, QID 176
CRISC Practice Quiz and Exam Prep
NEW QUESTION # 343
An organization has identified a risk exposure due to weak technical controls in a newly implemented HR system. The risk practitioner is documenting the risk in the risk register. The risk should be owned by the:
Answer: B
Explanation:
The business process owner should be the risk owner for the risk exposure due to weak technical controls in a newly implemented HR system, because they are responsible for the performance and outcomes of the HR business process, and they understand the business requirements, expectations, and impact of the HR system.
The business process owner can also evaluate the trade-offs between the potential benefits and costs of the HR system, and the potential risks and consequences of a failure or breach of the system. The business process owner can also communicate and justify their risk acceptance or mitigation decision to the senior management and other stakeholders, and ensure that the risk is monitored and reviewed regularly. The other options are less appropriate to be the risk owner for this risk exposure. The chief risk officer is responsible for overseeing the enterprise-wide risk management framework and process, which includes ensuring the identification, assessment, and reporting of risks. However, they are not the owner of the HR system or the HR business process, and they may not have the full knowledge or authority to accept or mitigate the risk on behalf of the business. The project manager is responsible for managing the implementation of the HR system, which includes ensuring the delivery of the system within the scope, time, and budget constraints.
However, they are not the owner of the HR system or the HR business process, and they may not have the full knowledge or authority to accept or mitigate the risk on behalf of the business. The chief information officer is responsible for managing the IT function and resources, which includes providing the technical support and security for the HR system. However, they are not the owner of the HR system or the HR business process, and they may not have the full knowledge or authority to accept or mitigate the risk on behalf of the business.
References = Getting risk ownership right 1
NEW QUESTION # 344
......
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