Isaca Updated CRISC Exam Questions and Answers by ellen

Detailed Explanation:Residual riskrefers to the risk that remains after mitigation measures have been applied. It represents the exposure that an organization decides to accept, transfer, or further address, aligning with its risk appetite and tolerance.

Detailed Explanation:Thelatest security assessmentprovides a detailed evaluation of the control’s performance and identifies gaps or weaknesses. This is critical for determining the effectiveness of a system security control in mitigating threats.

 Check totals are IT controls that verify the accuracy and completeness of data by comparing the sum or count of data records or data fields with a predetermined or expected value. Check totals can help detect and prevent errors, omissions, or alterations in data entry, processing, or transmission. Check totals can also help identify and correct data discrepancies or anomalies. Therefore, check totals are the most useful IT controls in mitigating the risk associated with inaccurate data. The other options are not the best answers because they do not directly address the risk of inaccurate data. Encrypted storage of data is an IT control that protects the confidentiality and integrity of data by preventing unauthorized access or modification. However, encryption does not ensure the accuracy or validity of the data itself. Links to source data are IT controls that provide traceability and transparency of data by allowing users to access or view the original data from which the derived or aggregated data is obtained. However, links to source data do not verify or correct the data quality or consistency. Audit trails for updates and deletions are IT controls that record thehistory and changes of data by capturing the date, time, user, and action performed on the data. Audit trails can help monitor and review the data activities and transactions, but they do not prevent or detect the data errors or inaccuracies. References = CRISC Review Manual, pages 164-1651; CRISC Review Questions, Answers & Explanations Manual, page 722

Control processes are the procedures and activities that aim to ensure the effectiveness and efficiency of the organization’s operations, the reliability of its information, and the compliance with its policies and regulations12.

The ongoing efficiency of control processes is the degree to which the control processes achieve their intended results with minimum resources, costs, or waste34.

The best way to determine the ongoing efficiency of control processes is to analyze key performance indicators (KPIs), which are quantifiable measures of progress toward an intended result, such as a strategic objective or a desired outcome56.

Analyzing KPIs is the best way because it provides a systematic and consistent method of evaluating the performance of the control processes, and identifying the areas of improvement or optimization56.

Analyzing KPIs is also the best way because it enables the organization to monitor and report the efficiency of the control processes to the relevant stakeholders, and to take corrective or preventive actions when necessary56.

The other options are not the best way, but rather possible sources of information or inputs that may support or complement the analysis of KPIs. For example:

Performing annual risk assessments is a way to identify and evaluate the risks that may affect the organization’s objectives, and to determine the adequacy and effectiveness ofthe control processes in mitigating those risks12. However, this way is not the best because it is periodic rather than continuous, and may not capture the changes or trends in the efficiency of the control processes12.

Interviewing process owners is a way to collect and verify the information and feedback from the people who are responsible for designing, implementing, and operating the control processes12. However, this way is not the best because it is subjective and qualitative, and may not provide reliable or comparable data on the efficiency of the control processes12.

Reviewing the risk register is a way to examine and update the documentation and status of the risks and the control processes that are associated with them12. However, this way is not the best because it is descriptive rather than analytical, and may not measure or evaluate the efficiency of the control processes12. References =

1: Risk IT Framework, ISACA, 2009

2: IT Risk Management Framework, University of Toronto, 2017

3: The Control Process | Principles of Management4

4: Control Management: What it is + Why It’s Essential | Adobe Workfront5

5: What is a Key Performance Indicator (KPI)? Guide & Examples - Qlik1

6: What is a Key Performance Indicator (KPI)? - KPI.org2