CRISC Exam Dumps - Certified in Risk and Information Systems Control

Information security risk factors are the sources of uncertainty that may affect the confidentiality, integrity, or availability of information assets within an organization. Information security risk factors can include threats, vulnerabilities, or impacts that may compromise the security of information assets. Information security risk factors should be mitigated when developing in-house applications, which are software applications that are designed, developed, and maintained by the organization itself, rather than by external vendors or providers. Mitigating information security risk factors when developing in-house applications can help prevent or reduce the occurrence or consequences of security incidents, such as data breaches, cyberattacks, unauthorized access, or data loss. The best way to ensure that information security risk factors are mitigated when developing in-house applications is to identify information security controls in the requirements analysis. The requirements analysis is the stage of the system development life cycle (SDLC) where the business needs and expectations of the application are defined and documented. The requirements analysis should include the functional and non-functional requirements of the application, such as the features, functions, performance, quality, reliability, and security of the application. Identifying information security controls in the requirements analysis can help ensure that the security requirements of the application are clearly specified and agreed upon by the stakeholders, and that they are aligned with the organization’s security policies, standards, and regulations. Identifying information security controls in the requirements analysis can also help ensure that the security requirements are integrated into the design, development, testing, and deployment of the application, and that they are verified and validated throughout the SDLC. Identifying information security controls in the requirements analysis can also help ensure that the security requirements are traceable, measurable, and manageable, and that they can be monitored and reviewed for effectiveness and efficiency. References = THE SYSTEM DEVELOPMENT LIFE CYCLE (SDLC), p. 2-3, System Development Life Cycle - GeeksforGeeks, 7.3: Systems Development Life Cycle - Engineering LibreTexts, What Is SDLC? 7 Phases of System Development Life Cycle - Intetics.

 The main benefit of involving stakeholders in the selection of key risk indicators (KRIs) is improving risk awareness, as it helps to communicate the risk exposure, appetite, and tolerance of the organization to the relevant parties. KRIs are metrics that provide information on the level of exposure to a given operational risk1. By involving stakeholders in the selection of KRIs, the risk practitioner can ensure that the KRIs are aligned with the stakeholder expectations, needs, and objectives, and that they reflect the most significant risks that affect the organization. This also helps to foster a risk culture and a shared understanding of risk among the stakeholders, which can enhance the risk management process and performance. The other options are not the main benefit of involving stakeholders in the selection of KRIs, although they may be some of the outcomes or advantages of doing so. Obtaining buy-in from risk owners, leveraging existing metrics, and optimizing risk treatment decisions are all important aspects of risk management, but they are not the primary reason for involving stakeholders in the selection of KRIs. References = Key Risk Indicators; Key Risk Indicators: A Practical Guide; The 10 Types of Stakeholders That You Meet in Business; What are Stakeholders? Stakeholder Definition | ASQ

The first thing that the risk practitioner should do upon learning that a new third-party system on the corporate network has introduced vulnerabilities that could compromise corporate IT systems is to notify information security management. This will help to escalate the issue to the appropriate authority and responsibility level, and to initiate the incident response process. Information security management can also coordinate with the third party, the IT department, and other stakeholders to assess the impact and severity of the vulnerabilities, and to implement the necessary actions to contain, eradicate, and recover from the incident. Confirming the vulnerabilities with the third party, identifying procedures to mitigate the vulnerabilities, and requesting IT to remove the system from the network are not the first things that the risk practitioner should do, as they may not address the urgency and priority of the issue, and may not involve the relevant decision makers and responders. References = Risk and Information Systems Control Study Manual, 7th Edition, Chapter 4, Section 4.2.1.2, page 1931

1: ISACA Certified in Risk and Information Systems Control (CRISC®) Exam Guide, Answer to Question 659.

According to the CRISC Review Manual1, cost of controls is the amount of money or resources that an organization is willing to spend to implement and maintain risk responses. Cost of controls is one of the factors that influences the risk appetite of an organization, as it reflects the trade-off between the benefits and costs of risk responses. Cost of controls helps to determine the optimal level of risk that an organization can accept in pursuit of its objectives, and to align the risk responses with the organization’s strategy, goals, and culture. References = CRISC Review Manual1, page 193.

The most important course of action for a risk practitioner when reviewing the results of control performance monitoring is to validate whether the controls effectively mitigate risk, as it involves verifying and testing the adequacy and performance of the controls, and identifying any control gaps or deficiencies that may affect the risk level and response. The other options are not the most important courses of action, as they are more related to the evaluation, confirmation, or analysis of the risk profile, compliance, or indicators, respectively, rather than the validation of the control effectiveness. References = CRISC Review Manual, 7th Edition, page 154.

•A risk owner is the person or entity that has the authority and responsibility to manage a specific risk1. The risk owner is accountable for the implementation and effectiveness of the risk response strategy and the risk treatment plan2.

•Identifying the risk owner is the first step when a new risk scenario has been identified, because the risk owner is the key stakeholder who will be involved in the subsequent steps of the risk management process, such as risk analysis, risk evaluation, risk treatment, and risk monitoring2.

•Identifying the risk owner also helps to clarify the roles and responsibilities of different parties involved in the risk management process, such as the risk manager, the risk analyst, the risk committee, and the risk auditor3. This can improve the communication, coordination, and collaboration among the risk management team and ensure that the risk is managed effectively and efficiently.

•Estimating the residual risk (option A) is not the first step when a new risk scenario has been identified, because the residual risk is the risk that remains after the risk treatment plan has been implemented2. Therefore, estimating the residual risk requires prior steps such as risk analysis, risk evaluation, and risk treatment.

•Establishing key risk indicators (KRIs) (option B) is not the first step when a new risk scenario has been identified, because KRIs are metrics or data points that provide early warning signals or information about the level or trend of a risk4. Therefore, establishing KRIs requires prior steps such as risk identification, risk analysis, and risk evaluation.

•Designing control improvements (option C) is not the first step when a new risk scenario has been identified, because control improvements are part of the risk treatment plan, which is the set of actions and resources needed to implement the chosen risk response strategy2. Therefore, designing control improvements requires prior steps such as risk analysis, risk evaluation, and risk response selection.

References =

•Risk Owner - Institute of Internal Auditors

•Risk Treatment Plan - ISACA

•Risk Management Roles and Responsibilities - 360factors

•Key Risk Indicators: A Practical Guide | SafetyCulture

ï‚· Purpose of a Risk Register:

A risk register consolidates all identified risks, their status, and mitigation actions in one place. It serves as a tool for tracking and managing risks systematically.

ï‚· Facilitating Risk Management Functions:

By documenting risk scenarios, a risk register provides a comprehensive view of potential threats and their impact on the organization.

It enables effective communication and review of these scenarios with stakeholders, ensuring that all relevant parties are aware of and understand the risks.

ï‚· Engaging Stakeholders:

Reviewing the risk register with stakeholders helps in validating the risks, assessing their impact, and determining appropriate responses.

It fosters collaboration and ensures that risk management activities are aligned with the stakeholders' expectations and the organization's objectives.

ï‚· Comparing Other Functions:

Analyzing Risk Appetite: While important, this is not the primary function of a risk register.

Influencing Risk Culture: The risk register contributes to risk culture but is primarily a tracking and communication tool.

Articulating Senior Management's Intent: This is more related to policy and strategy documents, whereas the risk register is a practical tool for managing specific risks.

ï‚· References:

The CRISC Review Manual highlights the role of the risk register in consolidating risk information and facilitating stakeholder engagement (CRISC Review Manual, Chapter 2: IT Risk Assessment, Section 2.6 Risk Register)​​ .

 According to the Risk Assessment and Management: A Complete Guide, risk magnitude is the product of the likelihood and impact of a risk scenario. Risk magnitude is an important factor to consider before choosing risk treatment options, as it indicates the level of exposure and potential harm that the organization faces from the risk scenario. Risk treatment options should be selected based on the risk magnitude, as well as the risk appetite and tolerance of the organization. For a scenario with significant impact, the risk magnitude is likely to be high, and therefore the risk treatment options should aim to reduce the likelihood and/or impact of the risk scenario as much as possible, or to transfer or avoid the risk altogether. References = Risk Assessment and Management: A Complete Guide, ISO 27001 Risk Assessment & Risk Treatment: The Complete Guide