Isaca Updated CRISC Exam Questions and Answers by ernie

Artificial intelligence (AI) is a branch of computer science that aims to create machines or systems that can perform tasks that normally require human intelligence, such as learning, reasoning, decision making, etc.

An organization that is considering adopting AI should be aware of the potential risks and challenges that may arise from using AI, such as ethical, legal, social, technical, operational, or security issues.

The most important course of action for the risk practitioner is to identify applicable risk scenarios. This means that the risk practitioner should analyze the context and objectives of theAI adoption, the stakeholders and their expectations, the data and information sources and quality, the AI models and algorithms and their reliability, the AI outputs and outcomes and their impact, and the AI governance and oversight mechanisms and their effectiveness.

Identifying applicable risk scenarios helps to assess the likelihood and impact of the risks, prioritize the risks, design and implement appropriate risk responses, monitor and evaluate the risk performance, and report and communicate the risk status and issues.

The other options are not the most important courses of action for the risk practitioner. They are either secondary or not essential for AI risk management.

The references for this answer are:

Risk IT Framework, page 24

Information Technology & Security, page 18

Risk Scenarios Starter Pack, page 16

Upon discovering that an IT control has failed, the risk practitioner's most important action is to review compensating controls. This involves assessing whether other existing controls can mitigate the risk associated with the failed control. Evaluating compensating controls helps determine the immediate impact of the control failure and guides decisions on necessary remediation steps.

The business manager is best suited to assess the impact of potential data loss when outsourcing a key database to an external service provider.

Role of the Business Manager:

Understanding Business Impact:The business manager has a comprehensive understanding of the business processes, the criticality of the data, and the potential impact of data loss on business operations.

Decision Making:They are responsible for making decisions regarding risk tolerance, business continuity, and aligning the risk management practices with business objectives.

Assessment of Data Loss Impact:

Operational Impact:The business manager can evaluate how data loss would affect day-to-day operations and overall business continuity.

Financial and Reputational Impact:They can also assess the financial repercussions and potential damage to the organization’s reputation, providing a holistic view of the impact.

The product owner should own the associated risk when contracting with a cloud service provider to support the deployment of a new product. The product owner is the person who has the authority and responsibility for defining the product vision, requirements, and priorities. The product owner also has the accountability for the business value and outcomes of the product. Therefore, the product owner should be the one who identifies, assesses, and manages the risks related to the cloud service provider, such as security, compliance, performance, and quality. The product owner should also collaborate with the other stakeholders, such as the head of EA, the IT risk manager, and the information security manager, to ensure that the cloud service provider meets the organization’s standards and expectations. References = Risk and Information Systems Control Study Manual, Chapter 5: IT Risk Mitigation, Section 5.3: IT Risk Mitigation Strategies and Approaches, Page 254; Best Practices to Manage Risks in the Cloud - ISACA.