CRISC Exam Dumps - Certified in Risk and Information Systems Control

Key performance indicators (KPIs) are metrics that provide information about the achievement of specific goals or objectives.

Prior to selecting KPIs, it is most important to ensure that measurement objectives are defined. This means that the desired outcomes and targets of the goals or objectives are clearly stated and aligned with the organization’s strategy and vision.

Defining measurement objectives helps to select the most relevant and meaningful KPIs that can accurately reflect the progress and performance of the goals or objectives. It also helps to establish the criteria and standards for evaluating and reporting the results and outcomes of the KPIs.

The other options are not the most important things to ensure prior to selecting KPIs. They are either secondary or not essential for KPIs.

The references for this answer are:

Risk IT Framework, page 16

Information Technology & Security, page 10

Risk Scenarios Starter Pack, page 8

A risk assessment indicates the residual risk associated with a new bring your own device (BYOD) program is within organizational risk tolerance. This means that the potential benefits of BYOD outweigh the potential risks, and that the controls in place are adequate to mitigate those risks.

The next step for the risk practitioner is to identify log sources to monitor BYOD usage and risk impact. Log sources are records of events or activities that occur in a system or network, such as file access, network traffic, user behavior, etc. Log sources can provide valuable information about how BYOD devices are used, what data they access, what applications they run, what threats they encounter, etc.

By monitoring log sources, the risk practitioner can track and measure the actual performance and security of BYOD devices, compare them with the expected outcomes and standards, identify any deviations or anomalies that may indicate a breach or a vulnerability, and take appropriate actions to address them.

Therefore, identifying log sources to monitor BYOD usage and risk impact is a recommended action after a successful risk assessment.

The references for this answer are:

Risk IT Framework, page 10

Information Technology & Security, page 4

Risk Scenarios Starter Pack, page 2

The risk register element that is most likely to be updated if the attack surface or exposure of an asset is reduced is the likelihood rating, as this reflects the probability or frequency of a risk event occurring. The attack surface or exposure of an asset is the measure of the extent and accessibility of the asset to potential threats or attackers. If the attack surface or exposure of an asset is reduced, the likelihood of the asset being compromised or damaged by a risk event is also reduced. Therefore, the likelihood rating of the risk should be updated accordingly. The other options are not the risk register elements that are most likely to be updated if the attack surface or exposure of an asset is reduced, although they may be affected or influenced by it. Control effectiveness is the measure of how well the risk controls reduce the risk level or achieve the control objectives. Assessment approach is the method or technique used to identify, analyze, and evaluate the risks. Impact rating is the measure of the magnitude or severity of the consequences of a risk event on the asset or the organization. References = Risk and Information Systems Control Study Manual, Chapter 2: IT Risk Identification, page 54.

The most important input when developing risk scenarios is the business objectives, as they provide the context and scope for the risk identification and analysis process. Risk scenarios are hypothetical situations that describe the possible causes, events, and consequences of a risk. Risk scenarios help to understand and communicate the nature and impact of the risk, and to support the risk assessment and response planning. The business objectives are the goals and targets that the organization wants to achieve through its processes, functions, and projects. The business objectives define the expected outcomes and performance of the organization, and the criteria for measuring and evaluating the success or failure of the organization. The business objectives also reflect the organization’s vision, mission, values, and strategy, and the needs and expectations of the stakeholders. The other options are not the most important inputs when developing risk scenarios, although they may be useful or relevant information. Key performance indicators are metrics that measure and monitor the progress and achievement of the business objectives, but they do not provide the context or scope for the risk scenarios. The organization’s risk framework is the set of principles, policies, and processes that guide and support the risk management activities across the organization, but it does not provide the context or scope for the risk scenarios. Risk appetite is the level of risk that the organization is willing to accept or avoid in pursuit of its business objectives, but it does not provide the context or scope for the risk scenarios. References = Risk and Information Systems Control Study Manual, Chapter 2: IT Risk Identification, page 58.

The risk associated with data loss from a website which contains sensitive customer information is best owned by the business process owner, as they are ultimately responsible for the business objectives and outcomes that depend on the website. The business process owner should ensure that the website is adequately protected and that the customer data is handled in compliance with the relevant laws and regulations. The third-party website manager, IT security, and the compliance manager are all involved in managing the risk, but they are not the owners. The third-party website manager is responsible for the technical aspects of the website, such as hosting, maintenance, and performance. IT security is responsible for implementing and monitoring the security controls and policies for the website. The compliance manager is responsible for ensuring that the website meets the regulatory and contractual requirements. However, none of these roles have the authority or accountability to own the risk, as they are not directly affected by the business impact of the data loss. References = Risk and Information Systems Control Study Manual, Chapter 2: IT Risk Identification, page 47.

Deviation from a mitigation action plan’s completion date should be determined by the risk owner as determined by risk management processes, because the risk owner is the person or entity who has the accountability and authority to manage the risk and its associated mitigation actions. The risk owner should monitor and report the progress and status of the mitigation action plan, and determine if there is any deviation from the expected completion date, based on the risk management processes and criteria. The other options are not the ones who should determine the deviation, because:

Option A: Change management as determined by a change control board is a process that ensures that any changes to the project scope, schedule, cost, or quality are controlled and approved, but it does not determine the deviation from the mitigation action plan’s completion date, which is a risk management activity.

Option B: Benchmarking analysis with similar completed projects is a technique that compares the performance and practices of the current project with those of similar or successful projects, but it does not determine the deviation from the mitigation action plan’s completion date, which is a risk management activity.

Option C: Project governance criteria as determined by the project office is a set of rules and standards that define the roles, responsibilities, and authority of the project stakeholders, but it does not determine the deviation from the mitigation action plan’s completion date, which is a risk management activity. References = Risk and Information Systems Control Study Manual, 7th Edition, ISACA, 2020, p. 122.

The risk appetite of an organization is the amount and type of risk that it is willing to accept in pursuit of its objectives1. Technology risk is the risk related to the use of information and technology in the organization2. If an organization has raised its risk appetite for technology risk, it means that it is willing to accept more risk in exchange for more potential benefits from technology initiatives. This would likely result in lower risk management cost, as the organization would spend less on implementing and maintaining controls to mitigate technology risk. The other options are not the most likely results of raising the risk appetite for technology risk. Increased inherent risk is the risk before considering the effect of controls3, and it is not directly affected by the risk appetite. Higher risk management cost would be the opposite of the expected outcome, as the organization would reduce its risk management efforts. Decreased residual risk is the risk after considering the effect of controls3, and it would also be the opposite of the expected outcome, as the organization would accept more risk exposure. References = Organisations must define their IT risk appetite and tolerance; IT Risk Resources; CRISC | What Accurate CRISC Free Download Is

The best way to mitigate the risk of customer identity theft is to implement layered security. Layered security is a defense-in-depth approach that applies multiple and diverse security controls at different levels and stages of the information system and the data lifecycle. Layered security can include physical, technical, and administrative controls, such as locks, firewalls, encryption, authentication, authorization, backup, audit, and policy. Layered security can help to protect the customer data and identity from unauthorized access, use, modification, disclosure, or destruction, by creating multiple barriers and deterrents for potential attackers, and by reducing the impact and likelihood of a successful breach. Layered security can also help to comply with the legal and regulatory requirements and standards for data privacy and protection, such as the Gramm-Leach-Bliley Act (GLBA), the Fair Credit Reporting Act (FCRA), and the Payment Card Industry Data Security Standard (PCI DSS)123. The other options are not the best way to mitigate the risk of customer identity theft, although they may be useful or complementary to layered security. Implementing monitoring techniques is a part of the layered security approach, but it is not sufficient, as it mainly focuses on detecting and responding to the incidents, rather than preventing or deterring them. Outsourcing to a local processor is a business decision that may or may not improve the security of the customer data and identity, depending on the quality and reliability of the service provider, and the terms and conditions of the outsourcing contract. Conducting an awareness campaign is a good practice that can help to educate and inform the customers and the employees about the common types, methods, and indicators of identity theft, and the best practices and precautions to prevent or report it, but it does not directly apply or enforce any security controls to the information system or the data.