Isaca Updated CRISC Exam Questions and Answers by audrey

Information security requirements should be defined during theInitiationphase of the SDLC. This ensures that security is integrated into the design from the beginning, minimizing vulnerabilities and aligning security measures with business requirements. Early identification of security needs reduces rework and costs associated with later stages.

Reporting to the Risk Committee:

Role of Risk Committee: The risk committee is responsible for overseeing the organization’s risk management practices, including identifying, assessing, and mitigating risks.

Emerging IT Risks: Reporting emerging IT risk scenarios to the committee ensures that new and evolving threats are identified and addressed proactively.

Importance of Emerging IT Risk Scenarios:

Proactive Risk Management: By staying informed about emerging risks, the committee can implement preventive measures and avoid potential impacts.

Strategic Planning: Understanding emerging risks allows for better strategic planning and resource allocation to address these risks.

Comparison with Other Options:

System Risk and Control Matrix: Useful for ongoing monitoring but may not capture new and emerging risks.

Changes to Risk Assessment Methodology: Important for refining risk management processes but not as critical as identifying new risks.

Audit Committee Charter: Relevant for governance but not directly related to proactive risk management.

Best Practices:

Regular Updates: Provide the risk committee with regular updates on emerging IT risk scenarios.

Collaborative Approach: Engage various stakeholders in identifying and reporting emerging risks.

The primary objective for selecting risk response options is to reduce risk to an acceptable level. Risk response options are the possible actions that can be taken to address the risks that have been identified and analyzed in the risk management process. Risk response options can be classified into four categories: avoid, transfer, mitigate, and accept for negative risks (or threats), and exploit, share, enhance, and accept for positive risks (or opportunities). The selection of the risk response options depends on various factors, such as the risk level, the risk appetite and tolerance, the cost and benefit, and the feasibility and availability of the options. The main goal of selecting the risk response options is to reduce the risk to a level that is acceptable to the organization, which means that the risk exposure is within the boundaries of the risk criteria and the risk appetite. The other options are not the primary objective for selecting risk response options, although they may be related or beneficial. Identifying compensating controls is a technique to implement additional or alternative controls when the existing controls are not effective or sufficient to reduce the risk to an acceptable level. Minimizing residual risk is a result of selecting and implementing the risk response options, but it is not the main purpose. Residual risk is the risk that remains after the risk response, and it may or may not be acceptable depending on the risk appetite and tolerance. Reducing risk factors is a method to decrease the likelihood or impact of the risk by addressing the root causes or sources of the risk. However,reducing risk factors does not necessarily mean that the risk is reduced to an acceptable level,as there may be other factors or uncertainties that affect the risk. References = CRISC Review Manual, pages 32-331; CRISC Review Questions, Answers & Explanations Manual, page 862

The best way to mitigate the risk to IT infrastructure availability is to establish a disaster recovery plan (DRP), because a DRP is a document that defines the procedures and resources needed to restore the IT infrastructure and resume the critical business functions in the event of a disaster or disruption. A DRP helps to minimize the downtime, data loss, and financial impact of a disaster, and ensures the continuity of operations and services. The other options are not the best ways to mitigate the risk to IT infrastructure availability, although they may also be helpful in supporting the DRP. Establishing recovery time objectives (RTOs), maintaining a current list of staff contact details, and maintaining a risk register are examples of planning or monitoring activities that aim to define the requirements, roles, and responsibilities for the disaster recovery process, but they do not address the actual implementation or execution of the DRP. References = CRISC: Certified in Risk & Information Systems Control Sample Questions