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| Section | Weight | Objectives |
|---|---|---|
| Topic 1: Technology and Security | 20% | - Emerging technologies and risk
|
| Topic 2: Risk Response and Reporting | 32% | - Risk monitoring and control
|
| Topic 3: IT Risk Assessment | 22% | - Risk identification
|
| Topic 4: Governance | 26% | - Organizational risk governance framework
|
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NEW QUESTION # 1676
Which of the following is MOST important for a multinational organization to consider when developing its security policies and standards?
Answer: C
Explanation:
Differences in regulatory requirements are the most important factor for a multinational organization to consider when developing its security policies and standards. This is because different countries or regions may have different laws, regulations, or standards that govern the protection of information and data, such as the General Data Protection Regulation (GDPR) in the European Union, the Health Insurance Portability and Accountability Act (HIPAA) in the United States, or the Personal Information Protection and Electronic Documents Act (PIPEDA) in Canada. A multinational organization must comply with the applicable regulatory requirements in each jurisdiction where it operates, or it may face legal, financial, or reputational risks. Therefore, the organization should develop its security policies and standards in a way that meets or exceeds the minimum regulatory requirements, and also aligns with its business objectives and risk appetite.
According to the CRISC Review Manual 2022, one of the key elements of IT governance is to ensure compliance with external laws and regulations1. According to the CRISC Review Questions, Answers & Explanations Manual 2022, differences in regulatory requirements is the correct answer to this question2.
Regional competitors' policies and standards, ability to monitor and enforce compliance, and industry- standard templates are not the most important factors for a multinational organization to consider when developing its security policies and standards. These factors may be useful or relevant, but they are not as critical or mandatory as the differences in regulatory requirements. Regional competitors' policies and standards may provide some insights or benchmarks, but they may not reflect the organization's specific needs or risks. Ability to monitor and enforce compliance is an important aspect of implementing and maintaining security policies and standards, but it does not determine the content or scope of the policies and standards. Industry-standard templates may offer some guidance or best practices, but they may not cover all the regulatory requirements or the organization's unique circumstances.
NEW QUESTION # 1677
After migrating a key financial system to a new provider, it was discovered that a developer could gain access to the production environment. Which of the following is the BEST way to mitigate the risk in this situation?
Answer: D
NEW QUESTION # 1678
Which of the following can be used to assign a monetary value to risk?
Answer: B
Explanation:
Annual loss expectancy (ALE) is a method to assign a monetary value to risk by multiplying the probability of a risk event by the potential loss associated with that event1. ALE can be used to compare the costs and benefits of different risk mitigation options and to determine the optimal level of investment in risk management2. Business impact analysis (BIA) is a process to identify and evaluate the potential effects of a disruption on the critical functions and processes of an organization3. BIA can help to forecast the impacts of a risk event, but it does not assign a monetary value to the risk itself. Cost-benefit analysis (CBA) is a technique to compare the costs and benefits of a project, decision, or action4. CBA can help to evaluate the feasibility and profitability of a risk mitigation option, but it does not assign a monetary value to the risk itself. Inherent vulnerabilities are the weaknesses or flaws in a system, process, or asset that expose it to potential threats5.
Inherent vulnerabilities can increase the likelihood or impact of a risk event, but they do not assign a monetary value to the risk itself. References = Risk and Information Systems Control Study Manual, Chapter 2: IT Risk Assessment, Section 2.2: Risk Analysis, pp. 77-81.
NEW QUESTION # 1679
Which of the following BEST measures the operational effectiveness of risk management capabilities?
Answer: A
Explanation:
Section: Volume B
Explanation:
Key performance indicators (KPIs) provide insights into the operational effectiveness of the concept or capability that they monitor. Key Performance Indicators is a set of measures that a company or industry uses to measure and/or compare performance in terms of meeting their strategic and operational goals. KPIs vary with company to company, depending on their priorities or performance criteria.
A company must establish its strategic and operational goals and then choose their KPIs which can best reflect those goals. For example, if a software company's goal is to have the fastest growth in its industry, its main performance indicator may be the measure of its annual revenue growth.
Incorrect Answers:
A: Capability maturity models (CMMs) assess the maturity of a concept or capability and do not provide insights into operational effectiveness.
B: Metric thresholds are decision or action points that are enacted when a KPI or KRI reports a specific value or set of values. It does not provide any insights into operational effectiveness.
C: Key risk indicators (KRIs) only provide insights into potential risks that may exist or be realized within a concept or capability that they monitor. Key Risk Indicators are the prime monitoring indicators of the enterprise. KRIs are highly relevant and possess a high probability of predicting or indicating important risk.
KRIs help in avoiding excessively large number of risk indicators to manage and report that a large enterprise may have.
NEW QUESTION # 1680
You are working in an enterprise. Your enterprise is willing to accept a certain amount of risk. What is this risk called?
Answer: D
Explanation:
Section: Volume D
Explanation:
Risk appetite considers the qualitative and quantitative aspects of accepting risks in an organization. The term refers to the type of risks the organization is willing to pursue, as well as amount of risk and the level of risk.
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.
Incorrect Answers:
A, B: Aversion and hedging are related to each other and represents the avoidance of risk within the organization.
D: 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.
NEW QUESTION # 1681
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