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| Section | Weight | Objectives |
|---|---|---|
| IT Risk Identification | 26% | - Communicate risk analysis
|
| Monitoring and Reporting | 28% | - Communicate risk and control status
|
| Risk Response and Mitigation | 20% | - Manage and monitor risk treatment
|
| IT Risk Assessment | 26% | - Assess capability maturity
|
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NEW QUESTION # 470
Risk acceptance of an exception to a security control would MOST likely be justified when:
Answer: A
Explanation:
The most likely justification for risk acceptance of an exception to a security control is when the business benefits exceed the loss exposure. Risk acceptance is a risk response strategy that involves acknowledging and tolerating the risk, without taking any action to reduce or transfer the risk. An exception to a security control is a deviation or non-compliance from the established security policy or standard, due to a valid business reason or circumstance. Risk acceptance of an exception to a security control may be justified when the business benefits exceed the loss exposure, which means that the value or advantage of the exception outweighs the potential cost or harm of the risk. For example, an exception to a security control may enable faster or easier access to the system or data, which may improve the productivity, efficiency, or satisfaction of the users or customers, and generate more revenue or profit for the business. The business benefits of the exception may exceed the loss exposure of the risk, which may be low or negligible, or may be mitigated by other controls or factors. Therefore, risk acceptance of an exception to a security control may be a reasonable and rational decision, based on the cost-benefit analysis of the exception and the risk. Automation cannot be applied to the control, the end-user license agreement has expired, and the control is difficult to enforce in practice are not the most likely justifications for risk acceptance of an exception to a security control, as they are either irrelevant or insufficient reasons, and they do not consider the business benefits or the loss exposure of the exception and the risk. References = CRISC Review Manual, 6th Edition, ISACA, 2015, page 50.
NEW QUESTION # 471
Which of the following would be the BEST recommendation if the level of risk in the IT risk profile has decreased and is now below management's risk appetite?
Answer: A
Explanation:
* The level of risk in the IT risk profile is the aggregate measure of the likelihood and impact of IT-related risks that may affect the enterprise's objectives and operations.
* The risk appetite is the amount and type of risk that the enterprise is willing to accept in pursuit of its goals. It is usually expressed as a range or a threshold, and it is aligned with the enterprise's strategy and
* culture.
* If the level of risk in the IT risk profile has decreased and is now below management's risk appetite, it means that the enterprise has more capacity and opportunity to take on additional risks that may offer higher rewards or benefits.
* The best recommendation in this situation is to optimize the control environment, which is the set of policies, procedures, standards, and practices that provide the foundation for managing IT risks and controls. Optimizing the control environment means enhancing the efficiency and effectiveness of the controls, reducing the costs and complexity of compliance, and aligning the controls with the enterprise's objectives and values.
* Optimizing the control environment can help the enterprise to achieve the optimal balance between risk and return, and to leverage its risk management capabilities to create and protect value.
* The other options are not the best recommendations, because they do not address the opportunity to improve the enterprise's performance and resilience.
* Realigning risk appetite to the current risk level may result in missing out on potential gains or advantages that could be obtained by taking more risks within the acceptable range.
* Decreasing the number of related risk scenarios may reduce the scope and depth of risk analysis and reporting, and impair the enterprise's ability to identify and respond to emerging or changing risks.
* Reducing the risk management budget may compromise the quality and reliability of the risk management process and activities, and weaken the enterprise's risk culture and governance.
References =
* ISACA, CRISC Review Manual, 7th Edition, 2022, pp. 29-30, 34-35, 38-39, 44-45
* ISACA, CRISC Review Questions, Answers & Explanations Database, 2022, QID 145
NEW QUESTION # 472
Which of the following key performance indicators (KPis) would BEST measure me risk of a service outage
when using a Software as a Service (SaaS) vendors
Answer: B
Explanation:
Software as a Service (SaaS) is a cloud computing model that provides software applications over the internet,
without requiring the users to install or maintain them on their own devices. SaaS vendors are responsible for
hosting, managing, and updating the software applications, and providing technical support and security to the
users. The key performance indicator (KPI) that would best measure the risk of a service outage when using a
SaaS vendor is the frequency and duration of unplanned downtime, which is the amount and length of time
that the software applications are unavailable or inaccessible due to unexpected events, such as network
failures, server crashes, power outages, cyberattacks, etc. The frequency and duration of unplanned downtime
indicate the reliability and availability of the SaaS vendor, and the potential impact of the service outage on
the users' business operations and productivity. References = 3
NEW QUESTION # 473
Business areas within an organization have engaged various cloud service providers directly without assistance from the IT department. What should the risk practitioner do?
Answer: C
Explanation:
The best action for the risk practitioner to take when business areas within an organization have engaged various cloud service providers directly without assistance from the IT department is to recommend a risk assessment be conducted. A risk assessment is a process of identifying, analyzing, and evaluating the risks associated with the use of cloud services, such as financial, privacy, compliance, security, performance, quality, and technical risks12. A risk assessment can help to determine the current and potential risk exposure and impact of the cloud services, as well as the effectiveness and efficiency of the existing or proposed controls. A risk assessment can also help to prioritize the risks and to develop and implement appropriate risk response strategies and plans, such as risk avoidance, reduction, sharing, or acceptance. Recommending a risk assessment is the best action, because it can provide valuable information and guidance to the business areas and the IT department for managing the cloud services in a consistent, effective, and efficient manner, and for aligning the cloud services with the organizational objectives, strategy, and risk appetite. The other options are not the best action, although they may be related or subsequent steps in the risk management process.
Recommending the IT department remove access to the cloud services is a drastic and impractical action, as it may disrupt the business operations and services, and it may not address the underlying causes or drivers of the cloud service adoption. Engaging with the business area managers to review controls applied is a useful and collaborative action, as it can help to understand and evaluate the current state and practices of the cloud service usage, and to identify and address any gaps or issues in the control environment. However, this action should be based on or supported by a risk assessment, rather than preceding or replacing it. Escalating to the risk committee is a reporting and communication action, as it can help to inform and involve the senior management and other stakeholders in the risk management process, and to obtain their support and approval for the risk response actions. However, this action should be done after or along with a risk assessment, rather than before or instead of it. References = Best Practices to Manage Risks in the Cloud - ISACA, Cloud Risk Management - PwC UK
NEW QUESTION # 474
A web-based service provider with a low risk appetite for system outages is reviewing its current risk profile for online security. Which of the following observations would be MOST relevant to escalate to senior management?
Answer: A
Explanation:
Section: Volume D
Explanation/Reference:
NEW QUESTION # 475
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