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| Section | Weight | Objectives |
|---|---|---|
| Topic 1: Risk Response and Mitigation | 20% | - Develop and implement controls
|
| Topic 2: IT Risk Assessment | 26% | - Risk analysis methodologies
|
| Topic 3: IT Risk Identification | 26% | - Collect and process information
|
| Topic 4: Monitoring and Reporting | 28% | - Communicate risk and control status
|
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NEW QUESTION # 1011
Which of the following is MOST important for management to consider when deciding whether to invest in
an IT initiative that exceeds management's risk appetite?
Answer: C
Explanation:
The most important factor for management to consider when deciding whether to invest in an IT initiative that
exceeds management's risk appetite is C. Risk tolerance1
According to the CRISC Review Manual, risk tolerance is the acceptable level of variation that management
is willing to allow for any specific risk as the enterprise pursues its objectives. Risk tolerance reflects the
degree of uncertainty that an organization is prepared to accept in relation to achieving its goals2
When an IT initiative exceeds management's risk appetite, it means that the potential benefits of the initiative
are outweighed by the potential negative consequences or losses that could result from the initiative.
However, management may still decide to invest in the initiative if the level of uncertainty or variation is
within the organization's risk tolerance. For example, management may accept a higher level of risk for a
strategic or innovative initiative that could provide a competitive advantage or a significant return on
investment3
NEW QUESTION # 1012
A risk practitioner has observed that risk owners have approved a high number of exceptions to the
information security policy. Which of the following should be the risk practitioner's GREATEST concern?
Answer: B
Explanation:
An exception to the information security policy is a permission to continue operating a system, service, or
product that cannot comply with the established information security standards and requirements1. A risk
owner is a person or entity that has the authority and accountability for a risk and its management2. A risk
practitioner is a person or entity that has the knowledge and skills to perform risk management activities3. A
high number of exceptions to the information security policy indicates that there are many systems, services,
or products that do not meet the expected level of security and pose potential risks to the organization. The
risk practitioner's greatest concern should be that the aggregate risk, which is the total amount of risk that the
organization faces from all sources, is approaching the tolerance threshold, which is the limit beyond which
the organization does not want to tolerate the risk4. If the aggregate risk isapproaching the tolerance
threshold, it means that the organization is exposed to a high level of risk that may exceed its risk appetite,
which is the amount of risk that the organization is willing to accept to achieve its objectives5. This may
result in negative consequences for the organization, such as breaches, losses, damages, or reputational harm.
Therefore, the risk practitioner should monitor and report the aggregate risk level and the tolerance threshold,
and advise the risk owners and the management on the appropriate risk responses and actions to reduce the
aggregate risk to an acceptable level. Security policies are being reviewed infrequently, controls are not
operating efficiently, and vulnerabilities are not being mitigated are not the risk practitioner's greatest
concern, as they are not directly related to the aggregate risk level and the tolerance threshold. Security
policies are being reviewed infrequently is a condition that indicates that the organization's security policies
are not updated or revised regularly to reflect the changes and updates in the security environment and the
security requirements6. This may affect the relevance and effectiveness of the security policies, but it does not
necessarilyincrease the aggregate risk level or the tolerance threshold. Controls are not operating efficiently is
a condition thatindicates that the organization's controls, which are the measures or actions taken to manage
or mitigate the risks, are not performing well or optimally7. This may affect the quality and performance of
the controls, but it does not necessarily increase the aggregate risk level or the tolerance
threshold. Vulnerabilities are not being mitigated is a condition that indicates that the organization's
vulnerabilities, which are the weaknesses or gaps that may be exploited by the threats, are not being addressed
or reduced8. This may increase the likelihood or impact of the risks, but it does not necessarily increase the
aggregate risk level or the tolerance threshold. References = 1: IT/Information Security Exception Request
Process2: [Risk Ownership - Risk Management] 3: [Risk Practitioner - ISACA] 4: Risk Threshold: Definition,
Meaning & Example - PM Study Circle5: Risk Appetite vs Risk Tolerance vs Risk Threshold -
projectcubicle6: [Security Policy Review and Update - SANS Institute] 7: [Control Effectiveness and
Efficiency - ISACA] 8: [Vulnerability Management - ISACA] : [Risk and Information Systems Control Study
Manual, Chapter 1: IT Risk Identification, Section 1.1: IT Risk Concepts, pp. 17-19.] : [Risk and Information
Systems Control Study Manual, Chapter 2: IT Risk Assessment, Section 2.1: Risk Identification, pp. 57-59.] :
[Risk and Information Systems Control Study Manual, Chapter 4: Risk and Control Monitoring and
Reporting, Section 4.2: Risk Monitoring, pp. 189-191.] : [Risk and Information Systems Control Study
Manual, Chapter 5: Information Systems Control Design and Implementation, Section 5.1: Control Design,
pp. 233-235.] : [Risk and Information Systems Control Study Manual, Chapter 5: Information Systems
Control Design and Implementation, Section 5.2: Control Implementation, pp. 243-245.] : [Risk and
Information Systems Control Study Manual, Chapter 5: Information Systems Control Design and
Implementation, Section 5.3: Control Monitoring and Maintenance, pp. 251-253.]
NEW QUESTION # 1013
Which of the following should be management's PRIMARY focus when key risk indicators (KRIs) begin to rapidly approach defined thresholds?
Answer: D
Explanation:
The primary focus of management when key risk indicators (KRIs) begin to rapidly approach defined thresholds is to determine what has changed in the environment. KRIs are metrics that provide information and insight on the current level and trend of the risk exposure, and help to monitor and report the risk status and performance. Defined thresholds are the values or ranges of the KRIs that indicate the acceptable or unacceptable level of the risk exposure, and trigger the risk response actions. When KRIs begin to rapidly approach defined thresholds, it means that the risk exposure is increasing or decreasing significantly, and that the risk situation and status may have changed. Therefore, the primary focus of management is to determine what has changed in the environment, which is the internal or external context that influences or affects the risk exposure and impact. Determining what has changed in the environment helps to identify and analyze the causes, drivers, or factors of the risk change, and to evaluate the implications and consequences of the risk change. Determining what has changed in the environment also helps to update and adjust the risk assessment and response, and to communicate and escalate the risk change to the relevant stakeholders. Designing compensating controls, determining if KRIs have been updated recently, and assessing the effectiveness of the incident response plan are not the primary focus of management, as they are either the outputs or the inputs of the risk change analysis, and they do not address the primary need of understanding the risk change. References = CRISC Review Manual, 6th Edition, ISACA, 2015, page 50.
NEW QUESTION # 1014
Risks to an organization's image are referred to as what kind of risk?
Answer: C
Explanation:
Explanation/Reference:
Explanation:
Strategic risks are those risks which have potential outcome of not fulfilling on strategic objectives of the organization as planned. Since the strategic objective will shape and impact the entire organization, the risk of not meeting that objective can impose a great threat on the organization.
Strategic risks can be broken down into external and internal risks:
External risks are those circumstances from outside the enterprise which will have a potentially
damaging or helpful impact on the enterprise. These risks include sudden change of economy, industry, or regulatory conditions. Some of the external risks are predictable while others are not. For instance, a recession may be predictable and the enterprise may be able to hedge against the dangers economically; but the total market failure may not as predictable and can be much more devastating.
Internal risks usually focus on the image or reputation of the enterprise. some of the risks that are
involved in this are public communication, trust, and strategic agreement from stakeholders and customers.
NEW QUESTION # 1015
A payroll manager discovers that fields in certain payroll reports have been modified without authorization. Which of the following control weaknesses could have contributed MOST to this problem?
Answer: A
NEW QUESTION # 1016
......
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