Isaca Updated CRISC Exam Questions and Answers by savanna

According to the CRISC Review Manual (Digital Version), the first course of action when a risk practitioner discovers several key documents detailing the design of a product currently in development have been posted on the Internet is to invoke the established incident response plan, which is a set of policies, procedures, and resources that enable the organization to respond to and recover from an incident that affects the confidentiality, integrity, or availability of its IT assets and processes. Invoking the incident response plan helps to:

Contain and isolate the incident and prevent further damage or loss

Identify and analyze the source, cause, and impact of the incident

Eradicate and eliminate the incident and restore normal operations

Communicate and coordinate the incident response activities and roles with the relevant stakeholders, such as the business owner, the risk owner, the senior management, and the external parties

Learn and improve from the incident and update the incident response plan and the risk register

References = CRISC Review Manual (Digital Version), Chapter 4: IT Risk Monitoring and Reporting, Section 4.1: IT Risk Monitoring, pp. 219-2201

According to the CRISC Review Manual (Digital Version), key risk indicator (KRI) thresholds are the most likely elements of a risk register to change as a result of change in management’s risk appetite, as they reflect the acceptable levels of risk exposure for the organization. KRIthresholds are the values or ranges that trigger an alert or a response when the actual KRI values deviate from the expected or desired values. KRI thresholds help to:

Monitor and measure the current risk levels and performance of the IT assets and processes

Identify and report any risk issues or incidents that may require attention or action

Evaluate the effectiveness and efficiency of the risk response actions and controls

Align the risk management activities and decisions with the organization’s risk appetite and risk tolerance

If the management’s risk appetite changes, the KRI thresholds may need to be adjusted accordingly to ensure that the risk register reflects the current risk preferences and expectations of the organization.

References = CRISC Review Manual (Digital Version), Chapter 4: IT Risk Monitoring and Reporting, Section 4.1: IT Risk Monitoring, pp. 217-2181

A risk assessment is a process of measuring and comparing the likelihood and impact of various risk scenarios, and prioritizing them based on their significance and urgency. A risk assessmentcan help the organization to understand and document the risks that may affect its objectives and operations, and to support the decision making and planning for the risk management.

Performing a risk assessment would be the most helpful to understand the impact of a new technology system on an organization’s current risk profile, because it can help the organization to address the following questions:

What are the potential benefits and challenges of implementing the new technology system, and how do they align with the organization’s objectives and needs?

What are the existing or emerging risks that may affect the new technology system, and how do they relate to the organization’s current risk profile?

How likely and severe are the risks that may affect the new technology system, and what are the possible consequences or impacts for the organization and its stakeholders?

How can the risks that may affect the new technology system be mitigated or prevented, and what are the available or feasible options or solutions?

Performing a risk assessment can help the organization to understand the impact of the new technology system on its current risk profile by providing the following benefits:

It can enable the comparison and evaluation of the current and desired state and performance of the organization’s risk management function, and to identify and quantify the gaps or opportunities for improvement.

It can provide useful references and benchmarks for the alignment and integration of the new technology system with the organization’s risk management function, and for the compliance with the organization’s risk policies and standards.

It can support the implementation and monitoring of the new technology system, and for the allocation and optimization of the resources, time, and budget for the new technology system.

The other options are not the most helpful to understand the impact of a new technology system on an organization’s current risk profile, because they do not provide the same level of detail and insight that performing a risk assessment provides, and they may not be specific or applicable to the organization’s objectives and needs.

Hiring consultants specializing in the new technology means engaging or contracting external experts or professionals that have the skills and knowledge on the new technology system, and that can provide advice or guidance on the implementation and management of the new technology system. Hiring consultants specializing in the new technology can help the organization to enhance its competence and performance on the new technology system, but it is not the most helpful, because it does not measure and compare the likelihood and impact of the risks that may affect the new technology system, and it may not be relevant or appropriate for the organization’s current risk profile.

Reviewing existing risk mitigation controls means examining and evaluating the adequacy and effectiveness of the controls or countermeasures that are intended to reduce or eliminate the risks that may affect the organization’s objectives and operations. Reviewing existing risk mitigation controls can help the organization to improve and optimize its risk management function, but it is not the most helpful, because it does not identify and prioritize the risks that may affect the newtechnology system, and it may not cover all the relevant or significant risks that may affect the new technology system.

Conducting a gap analysis means comparing and contrasting the current and desired state and performance of the organization’s objectives and operations, and identifying and quantifying the gaps or differences that need to be addressed or corrected. Conducting a gap analysis can help the organization to identify and document its improvement needs and opportunities, but it is not the most helpful, because it does not measure and compare the likelihood and impact of the risks that may affect the new technology system, and it may not be aligned or integrated with the organization’s current risk profile. 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 208

CRISC Practice Quiz and Exam Prep

 According to the CRISC Review Manual (Digital Version), the most effective approach to mitigate the risk associated with data loss due to users sending sensitive information by email without using encryption is to block unencrypted outgoing emails which contain sensitive data. This is an example of a risk avoidance strategy, which aims to eliminate the risk by removing the source of the risk or the activity that causes the risk. Blocking unencrypted outgoing emails which contain sensitive data can prevent unauthorized access, disclosure, modification or destruction of the sensitive information, and thus protect the confidentiality, integrity and availability of the data. This approach can also deter users from violating the encryption policy and enforce compliance with the security standards and regulations.

References = CRISC Review Manual (Digital Version), Chapter 3: IT Risk Response, Section 3.3: Risk Response Options, pp. 167-1681