Isaca Updated CRISC Exam Questions and Answers by macsen

When proposing a risk acceptance framework for an organization, the most important consideration for the risk practitioner is to clearly define the individuals or roles authorized to approve risk acceptance. This ensures that the process is controlled, accountable, and aligned with the organization’s risk management policies.

Risk Acceptance Framework:

Purpose:A risk acceptance framework provides structured criteria and processes for deciding whether to accept a risk. This includes evaluating the risk against the organization's risk appetite and tolerance.

Authorization:Identifying who has the authority to accept risk is critical. This ensures that only those with the appropriate knowledge, experience, and understanding of the organization's risk appetite and strategic objectives can make these decisions.

Importance of Authorized Individuals:

Accountability:Clearly defined roles for risk acceptance ensure accountability. It is essential that those making the decisions are accountable for the outcomes and understand the potential impact of their decisions.

Consistency:By defining specific roles, the organization ensures consistency in risk acceptance decisions, reducing the likelihood of ad-hoc or inconsistent risk management practices.

Alignment with Strategy:Authorized individuals are typically those who understand the strategic objectives of the organization, ensuring that risk acceptance aligns with these goals.

The main reason for documenting the performance of controls is to provide accurate risk reporting. Risk reporting is a process that communicates and discloses the relevant and reliable information about the risks and their management to the stakeholders and decision makers. Risk reporting is an essential component of the risk management process, as it helps to monitor and evaluate the effectiveness and efficiency of the risk identification, assessment, response, and monitoring activities, as well as to support and inform the risk governance and oversight functions. Documenting the performance of controls is a technique that records and tracks the results and outcomes of the controls that are implemented to address the risks, such as the control objectives,

An IT risk register is a document that records and tracks the identified IT risks, their likelihood, impact, and mitigation strategies. It is a living document that needs to be updated regularly to reflect the current risk profile of the organization. One of the situations that would require updates to the IT risk register is the discovery of an ineffectively designed key IT control, as this would increase the likelihood or impact of the related IT risk. Management review of key risk indicators (KRIs), changes to the team responsible for maintaining the register, and completion of the latest internal audit are not reasons to update the IT risk register, as they do not affect the identified IT risks or their mitigation strategies. References = [CRISC Review Manual (DigitalVersion)], page 97; CRISC: Certified in Risk & Information Systems Control Sample Questions, question 198.

The next step to determine the risk exposure after a vulnerability assessment of a web-facing application is to perform a penetration test. A penetration test is a simulated attack on the application to exploit the identified vulnerabilities and measure the potential impact and likelihood of a successful breach. A penetration test can help to quantify and prioritize the risks associated with the web-facing application. Code review, gap assessment, and business impact analysis (BIA) are other possible steps, but they are not as effective as a penetration test. References = ISACA Certified in Risk and Information Systems Control (CRISC) Certification Exam Question and Answers, question 7; CRISC Review Manual, 6th Edition, page 202.