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ISACA Certified in Risk and Information Systems Control Sample Questions (Q149-Q154):

NEW QUESTION # 149
Which of the following risk management practices BEST facilitates the incorporation of IT risk scenarios into the enterprise-wide risk register?

A. Risk appetites for IT risk scenarios are approved by key business stakeholders.
B. IT risk scenarios are assessed by the enterprise risk management team
C. IT risk scenarios are developed in the context of organizational objectives.
D. Key risk indicators (KRls) are developed for key IT risk scenarios

Answer: C

Explanation:
IT risk scenarios are hypothetical situations that describe how IT-related events or incidents could adversely affect an organization's objectives, assets, or operations. IT risk scenarios can help to identify, analyze, and prioritize IT risks, and to develop appropriate responses and controls1.
An enterprise-wide risk register is a document that records and tracks the significant risks that an organization faces across its various functions, processes, and activities. An enterprise-wide risk register can help to provide a comprehensive and consistent view of the organization's risk profile, and to support the decision making and reporting of the risk management function2.
The best practice that facilitates the incorporation of IT risk scenarios into the enterprise-wide risk register is to develop IT risk scenarios in the context of organizational objectives. This means that IT risk scenarios should be aligned with and derived from the organization's strategic goals, mission, vision, and values. IT risk scenarios should also consider the interdependencies and interactions between IT and other business domains, and the potential impact of IT risks on the organization's performance and reputation3.
By developing IT risk scenarios in the context of organizational objectives, the organization can ensure that the IT risk scenarios are relevant, realistic, and meaningful for the enterprise-wide risk management. The organization can also ensure that the IT risk scenarios are consistent and comparable with other types of risk scenarios, such as financial, operational, or reputational risk scenarios. This can facilitate the integration and consolidation of IT risk scenarios into the enterprise-wide risk register, and enable a holistic and balanced assessment and reporting of the organization's risks4.
The other options are not as effective as developing IT risk scenarios in the context of organizational objectives for incorporating IT risk scenarios into the enterprise-wide risk register. Developing key risk indicators (KRIs) for key IT risk scenarios can help to monitor and measure the IT risk exposure and performance, but it does not ensure that the IT risk scenarios are aligned with the organizational objectives or integrated with other risk scenarios. Assessing IT risk scenarios by the enterprise risk management team can help to validate and prioritize the IT risk scenarios, but it does not ensure that the IT risk scenarios are derived from the organizational objectives or consistent with other risk scenarios. Approving risk appetites for IT risk scenarios by key business stakeholders can help to establish the acceptable level of IT risk taking and tolerance, but it does not ensure that the IT risk scenarios are based on the organizational objectives or comparable with other risk scenarios. References = IT Risk Scenario Development - ISACA Risk Register - ISACA Identifying Risks and Scenarios Threatening the Organization as an Enterprise - A New Enterprise Risk Identification Framework Risk Register 2021-2022 - UNECE
[CRISC Review Manual, 7th Edition]

NEW QUESTION # 150
When determining which control deficiencies are most significant, which of the following would provide the MOST useful information?

A. Vulnerability assessment results
B. Risk analysis results
C. Exception handling policy
D. Benchmarking assessments

Answer: B

Explanation:
* A control deficiency is a weakness or flaw in the design or implementation of a control that reduces its effectiveness or efficiency in achieving its intended objective or mitigating the risk that it is designed to address. A control deficiency may be caused by various factors, such as human error, system failure, process inefficiency, resource limitation, etc.
* When determining which control deficiencies are most significant, the most useful information would be the risk analysis results, which are the outcomes or outputs of the risk analysis process that measures and compares the likelihood and impact of various risk scenarios, and prioritizes them based on their significance and urgency. The risk analysis results can help to determine which control deficiencies are most significant by providing the following information:
* The level and priority of the risks that are associated with the control deficiencies, and the potential consequences or impacts that they may cause for the organization if they materialize.
* The gap or difference between the current and desired level of risk, and the extent or degree to which the control deficiencies contribute to or affect the gap or difference.
* The cost-benefit or feasibility analysis of the possible actions or plans to address or correct the control deficiencies, and the expected or desired outcomes or benefits that they may provide for the organization.
* The other options are not the most useful information when determining which control deficiencies are most significant, because they do not provide the same level of detail and insight that the risk analysis results provide, and they may not be relevant or actionable for the organization.
* An exception handling policy is a policy that defines and describes the procedures and guidelines for dealing with the situations or circumstances that deviate from the normal or expected operation or functionality of a control, and that may require special or alternative actions or measures to address or resolve them. An exception handling policy can provide useful information on how to handle or manage the control deficiencies, but it is not the most useful information when determining which control deficiencies are most significant, because it does not indicate the level and priority of the risks that are associated with the control deficiencies, and the potential consequences or impacts that they may cause for the organization.
* A vulnerability assessment is an assessment that identifies and evaluates the weaknesses or flaws in the organization's assets, processes, or systems that can be exploited or compromised by the threats or sources of harm that may affect the organization's objectives or operations. A vulnerability assessment can provide useful information on the existence and severity of the control deficiencies, but it is not the most useful information when determining which control deficiencies are most significant, because it does not indicate the likelihood and impact of the risk scenarios that are associated with the control deficiencies, and the potential consequences or impacts that they may cause for the organization.
* A benchmarking assessment is an assessment that compares and contrasts the organization's performance, practices, or processes with those of other organizations or industry standards, and identifies the strengths, weaknesses, opportunities, or threats that may affect the organization's objectives or operations. A benchmarking assessment can provide useful information on the best practices or improvement areas for the organization, but it is not the most useful information when determining which control deficiencies are most significant, because it does not indicate the level and priority of the risks that are associated with the control deficiencies, and the potential consequences or impacts that they may cause for the organization. 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 176
* CRISC Practice Quiz and Exam Prep

NEW QUESTION # 151
Which of the following guidelines should be followed for effective risk management?
Each correct answer represents a complete solution. Choose three.

A. Focus on enterprise's objective
B. Promote fair and open communication
C. Promote and support consistent performance in risk management
D. Balance the costs and benefits of managing risk

Answer: A,B,D

Explanation:
Explanation/Reference:
Explanation:
The primary function of the enterprise is to meet its objective. Each business activity for fulfilling enterprise's objective carries both risk and opportunity, therefore objective should be considered while managing risk.
Open and fair communication should me there for effective risk management. Open, accurate, timely and transparent information on lT risk is exchanged and serves as the basis for all risk-related decisions.
Cost-benefit analysis should be done for proper weighing the total costs expected against the total benefits expected, which is the major aspect of risk management.
Incorrect Answers:
A: For effective risk management, there should be continuous improvement, not consistent. Because of the dynamic nature of risk, risk management is an iterative, perpetual and ongoing process; that's why, continuous improvement is required.

NEW QUESTION # 152
You are the project manager of GHT project. You are performing cost and benefit analysis of control. You come across the result that costs of specific controls exceed the benefits of mitigating a given risk. What is the BEST action would you choose in this scenario?

A. The enterprise may choose to accept the risk rather than incur the cost of mitigation.
B. The enterprise should exploit the risk.
C. Explanation:
If the costs of specific controls or countermeasures (control overhead) exceed the benefits of
mitigating a given risk the enterprise may choose to accept the risk rather than incur the cost of
mitigation. This is done according to the principle of proportionality described in:
Generally accepted security systems principles (GASSP)
Generally accepted information security principles (GAISP)
D. The enterprise may apply the appropriate control anyway.
E. The enterprise should adopt corrective control.
F. is incorrect. When the cost of specific controls exceed the benefits of mitigating a given
risk, then controls are not applied, rather risk is being accepted.
G. is incorrect. The risk is being exploited when there is an opportunity, i.e., the risk is
positive. But here in this case, negative risk exists as it needs mitigation. So, exploitation cannot
be done.

Answer: A

Explanation:
is incorrect. As the cost of control exceeds the benefits of mitigating a given risk, hence
no control should be applied.
Corrective control is a type of control and hence it should not be adopted.

NEW QUESTION # 153
An organization is planning to outsource its payroll function to an external service provider Which of the following should be the MOST important consideration when selecting the provider?

A. Disaster recovery plan (DRP) of the system
B. Internal controls to ensure data privacy
C. Right to audit the provider
D. Transparency of key performance indicators (KPIs)

Answer: B

Explanation:
The most important consideration when selecting an external service provider for outsourcing the payroll function is the internal controls to ensure data privacy. The payroll function involves processing and storingsensitive personal and financial information of the employees, such as salaries, taxes, benefits, bank accounts, etc. This information needs to be protected from unauthorized access, disclosure, modification, or loss, as it may result in legal, regulatory, reputational, or financial consequences for the organization and the employees. Therefore, the external service provider should have adequate internal controls, such as encryption, access control, backup, logging, monitoring, etc., to ensure data privacy and compliance with the organization's policies and standards. Disaster recovery plan, right to audit, and transparency of KPIs are also important considerations when selecting an external service provider, but they are not as important as internal controls to ensure data privacy. References = Risk and Information Systems Control Study Manual, 7th Edition, Chapter 5, Section 5.2.1.2, page 2461
1: ISACA Certified in Risk and Information Systems Control (CRISC) Exam Guide, Answer to Question
648.

NEW QUESTION # 154
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