CRISC Exam Dumps - Certified in Risk and Information Systems Control

If preventive controls cannot be implemented due to technology limitations, the first step to reduce risk is to evaluate alternative controls. Alternative controls are those that can achieve the same or similar objectives as the original preventive controls, but using different methods or technologies. For example, if a firewall cannot be installed due to hardware compatibility issues, an alternative control could be a network segmentation or a proxy server. Evaluating alternative controls requires assessing their feasibility, effectiveness, efficiency, and cost-benefit. Redefining the business process, developing a plan to upgrade technology, and defining a process for monitoring risk are also possible actions to reduce risk, but they are not the first step, and they may not be feasible or desirable in some situations. References = Risk and Information Systems Control Study Manual, Chapter 4, Section 4.3.1, page 4-23.

The main benefit of using key risk indicators (KRIs) for an organization is that they provide an early warning that a risk threshold is about to be reached. KRIs are metrics that measure the likelihood and impact of risks, and help monitor and prioritize the most critical risks. KRIs also help to trigger timely and appropriate risk responses, before the risk becomes unmanageable or unacceptable. The other options are not the main benefit of using KRIs, although they may be secondary benefits or outcomes. References = Risk and Information Systems Control Study Manual, Chapter 4, Section 4.4.1, page 4-36.

The acquisition phase of the system development life cycle (SDLC) is the phase where the organization decides to purchase a new IT system from an external vendor or develop it internally. During this phase, the identified risks will most likely lead to architecture and design trade-offs, as the organization will have to balance the cost, quality, functionality, security, and performance of the new IT system. The organization will have to evaluate the different options and alternatives available, and select the one that best meets the business needs and the risk appetite. The other phases of the SDLC are not as likely to involve architecture and design trade-offs, as they are more focused on implementing, testing, deploying, and maintaining the new IT system. References = Risk and Information Systems Control Study Manual, Chapter 3: IT Risk Response, Section 3.2: IT Risk Response Options, page 133.

Risk appetite is the broad-based amount of risk that an organization is willing to accept in its activities. Risk appetite reflects the level of risk that the organization is prepared to take to achieve its strategic goals, and provides guidance and boundaries for the risk management activities and decisions. The best way to balance the costs and benefits of managing IT risk is to prioritize and address risk in line with risk appetite, which means that the organization should identify, assess, treat, monitor, and communicate the risks that are within or exceed the risk appetite, and allocate the resources and efforts accordingly. By doing so, the organization can optimize its risk-return trade-off, align its risk exposure with its strategic objectives, and enhance its risk culture and performance. References = 5

The most comprehensive information for developing a risk profile for a system is the risk assessment results. A risk assessment is a process that identifies, analyzes, and evaluates the risks that could affect the system’s objectives or operations. A risk assessment provides comprehensive information for developing a risk profile, because it helps to determine the likelihood and impact of the risks, and to prioritize them based on their severity and relevance. A risk assessment also helps to select the most appropriate and effective controls to minimize the risks, such as avoiding, reducing, transferring, or accepting the risks. A risk profile is a document that summarizes the key risks that the system faces or accepts, and their likelihood, impact, and priority. A risk profile helps to identify and prioritize the most critical or relevant risks, and to align them with the system’s objectives, strategy, and risk appetite. The other options are not as comprehensive as the risk assessment results, although they may be part of or derived from the risk profile. Results of a business impact analysis (BIA), a mapping of resources to business processes, and key performance indicators (KPIs) are all factors that could affect the system’s performance and improvement, but they do not necessarily identify, analyze, or evaluate the risks that could affect the system. References = Risk and Information Systems Control Study Manual, Chapter 4, Section 4.2.1, page 4-13.

The most important information to review when developing plans for using emerging technologies is the organizational strategic plan. The organizational strategic plan is a document that defines the vision, mission, goals, and objectives of the organization. It also outlines the strategies, actions, and resources that are needed to achieve them. The organizational strategic plan provides the direction, alignment, and guidance for the use of emerging technologies, and ensures that they are aligned with and support the organizational needs and priorities. The other options are not as important as the organizational strategic plan, as they are related to the current state, specific area, or potential issues of the use of emerging technologies, not the overall purpose and value of the use of emerging technologies. References = Risk and Information Systems Control Study Manual, Chapter 1: IT Risk Identification, Section 1.2: IT Risk Identification Methods, page 19.

A risk practitioner is a person who is responsible for performing risk management activities, such as identifying, analyzing, evaluating, treating, monitoring, and communicating risks. When an organization is implementing a project to automate the purchasing process, including the modification of approval controls, the task that is the responsibility of the risk practitioner is to verify that the existing controls continue to properly mitigate the defined risk. This means that the risk practitioner should ensure that the automation and modification of the approval controls do not introduce new risks or change the existing risk profile, and that the controls are still effective and adequate for the purchasing process. The risk practitioner should also monitor the performance and compliance of the controls, and recommend any improvements or adjustments as needed. References = CRISC Review Manual, 7th Edition, page 177.

A control is a measure or action that is implemented to reduce the likelihood or impact of a risk event, or to enhance the benefits or opportunities of a risk event. A control owner is a person who is assigned the responsibility and authority for the design, implementation, operation, and maintenance of a control. A risk register is a tool that records and tracks the information about the identified risks, such as the risk description, category, owner, probability, impact, response strategy, status, and action plan. When an information security audit identified a risk resulting from the failure of an automated control, the person who is responsible for ensuring the risk register is updated accordingly is the control owner. The control owner should update the risk register with the information about the failed control, such as the cause, consequence, status, and action plan. The control owner should also monitor the performance and compliance of the control, and recommend any improvements or adjustments as needed.