Isaca Updated CRISC Exam Questions and Answers by kamari

Therisk management frameworkdefines the structure, objectives, roles, processes, and tools used by an organization to manage risk. It provides acomprehensive overviewof how the enterprise governs and implements risk management.

According to theCRISC Review Manualand ISACA’sRisk IT Framework:

“A risk management framework establishes and maintains a common risk language, defines principles and responsibilities, and ensures consistency of approach across the enterprise.”

Whilerisk scenariosandassessment resultsare components of the program, they focus on specific areas. Theframeworkgives a holistic view—showing policies, processes, oversight mechanisms, governance linkages, and continuous improvement processes.

Hence, theRisk Management Framework(Option B) best provides an overview of the entire program.

CRISC Reference:Domain 1 – IT Risk Governance, Topic: Risk Management Framework and Governance Alignment.

According to the CRISC Review Manual (Digital Version), threat analysis would be the most helpful when estimating the likelihood of negative events, as it involves identifying and evaluating the sources and causes of potential harm or loss to the IT assets and processes. Threat analysis helps to:

Determine the frequency and probability of occurrence of different types of threats, such as natural disasters, human errors, malicious attacks, system failures, etc.

Assess the impact and severity of the threats on the confidentiality, integrity and availability of the IT assets and processes

Prioritize the threats based on their likelihood and impact

Develop appropriate risk response strategies to prevent, mitigate, transfer or accept the threats

References = CRISC Review Manual (Digital Version), Chapter 1: IT Risk Identification, Section 1.5: IT Risk Identification Methods and Techniques, pp. 35-361

 The areas to address first when classifying and prioritizing risk responses are those with high cost effectiveness ratios and high risk levels, as they represent the most optimal and urgent risk responses that can reduce the risk exposure and impact significantly with a reasonable cost. Theother options are not the areas to address first, as they may indicate suboptimal or less urgent risk responses that may not align with the risk tolerance and appetite of the organization. References = CRISC Review Manual, 7th Edition, page 109.

 Inaccurate risk ratings would most likely cause management to unknowingly accept excessive risk, as they may not reflect the true level of risk exposure and impact, and may lead to inappropriate risk responses or decisions. Satisfactory audit results, risk tolerance being set too low, and lack of preventive controls are not the most likely causes, as they may indicate a different risk management issue, such as over-reliance on audit assurance, misalignment of risk tolerance and appetite, or insufficient risk mitigation, respectively. References = CRISC Review Manual, 7th Edition, page 109.