CRISC Exam Dumps - Certified in Risk and Information Systems Control

 The most important factor when deciding on a control to mitigate risk exposure is the cost-benefit analysis. This is a process that compares the costs and benefits of implementing a control, and determines whether the control is worth the investment. A cost-benefit analysis helps to ensure that the control is efficient and effective in reducing the risk to an acceptable level, and that it does not introduce new risks or adversely affect other objectives. A cost-benefit analysis also helps to prioritize the controls based on their value and feasibility, and to allocate the resources accordingly. References = Risk and Information Systems Control Study Manual, 7th Edition, Chapter 4, Section 4.2.5, page 1861

Residual risk is the risk that remains after applying risk responses, such as avoidance, mitigation, transfer, or acceptance. It represents the level of exposure that the organisation is willing to tolerate or assume. Residual risk should be aligned with the organisation’s risk appetite and risk tolerance, which are determined by senior management. Therefore, the best way to obtain senior management support for investment in a control implementation would be to articulate the reduction in residual risk that the control would achieve. This would demonstrate how the control would help the organisation meet its risk objectives and reduce the likelihood or impact of adverse events. References = ISACA CRISC Review Manual, 7th Edition, Chapter 1, Section 1.3.2, page 25.

An internal data access policy is a set of rules and guidelines that define who, how, when, and why the users can access, use, share, or modify the data stored in a business application system, based on the data classification, sensitivity, and ownership.

Enforcing an internal data access policy is the most appropriate way to prevent unauthorized retrieval of confidential information stored in a business application system. This means that the organization implements and maintains effective controls to ensure that only the authorized users can access the confidential information, and that the access is logged and monitored for compliance and security purposes.

The other options are not the most appropriate ways to prevent unauthorized retrieval of confidential information stored in a business application system. They are either secondary or not essential for data access control.

The references for this answer are:

Risk IT Framework, page 28

Information Technology & Security, page 22

Risk Scenarios Starter Pack, page 20

 Enterprise IT risk management is the process of identifying, analyzing, evaluating, and treating the IT-related risks that may affect the organization’s objectives, operations, or assets1. Enterprise IT risk management should be aligned with the organization’s overall risk management framework and strategy, and support the organization’s value creation and protection2.

When evaluating enterprise IT risk management, it is most important to confirm the organization’s risk appetite and tolerance. Risk appetite is the amount and type of risk that an organization is willing to take in order to meet its strategic objectives3. Risk tolerance is the acceptable level of variation that an organization is willing to accept around its risk appetite4. By confirming the organization’s risk appetite and tolerance, the evaluation can:

Ensure that the enterprise IT risk management is consistent and compatible with the organization’s risk culture and vision

Provide clear and measurable criteria and boundaries for assessing and prioritizing the IT risks and their impacts

Guide the selection and implementation of the appropriate risk responses and controls that balance the costs and benefits of risk mitigation

Enable the monitoring and reporting of the IT risk performance and outcomes, and the adjustment of the IT risk strategy and objectives as needed5

References = Enterprise IT Risk Management - ISACA, Enterprise Risk Management - Wikipedia, Risk Appetite - COSO, Risk Tolerance - COSO, Risk Appetite and Tolerance - IRM

The risk associated with an asset after controls are applied can be expressed as a function of the likelihood and impact, as it helps to measure and quantify the residual risk level and exposure. Residual risk is the risk that remains after the implementation of controls or risk treatments. Residual risk can be calculated by multiplying the likelihood and impact of a risk event, where likelihood is the probability or frequency of the risk event occurring, and impact is the consequence or severity of the risk event on the asset or objective. Residual risk can be expressed as:

ResidualRisk=Likelihood×Impact

Expressing the risk associated with an asset after controls are applied as a function of the likelihood and impact helps to provide the following benefits:

It enables a data-driven and evidence-based approach to risk assessment and reporting, rather than relying on subjective or qualitative judgments.

It facilitates a consistent and standardized way of measuring and communicating risk levels and exposure across the organization and to the external stakeholders.

It supports the alignment of risk management and control activities with the organizational strategy and objectives, and helps to evaluate the achievement of the desired outcomes.

It helps to identify and prioritize the areas for improvement and enhancement of the risk management and control processes, and guide the development and implementation of corrective or preventive actions.

It provides feedback and learning opportunities for the risk management and control processes, and helps to foster a culture of continuous improvement and innovation.

The other options are not the best ways to express the risk associated with an asset after controls are applied. A function of the cost and effectiveness of controls is a measure of the inputs or outputs of the risk management and control processes, but it does not indicate the risk level or exposure. The likelihood of a given threat is a component of the risk calculation, but it does not reflect the impact or consequence of the threat. The magnitude of an impact is a component of the risk calculation, but it does not reflect the likelihood or probability of the risk event. References = Risk Assessment and Analysis Methods: Qualitative and Quantitative, IT Risk Resources | ISACA, Residual Risk: Definition, Formula & Management - Video & Lesson …

The best measure of the impact of business interruptions caused by an IT service outage is the sustained financial loss. This is the amount of money that the enterprise loses due to the disruption of its normal operations, such as lost revenue, increased expenses, or reduced profits. Sustained financial loss reflects the extent and severity of the business interruption, and the effect on the enterprise’s objectives and performance. Sustained financial loss also helps to determine the recovery objectives and priorities, and to justify the investment in risk mitigation and business continuity strategies. References = Risk and Information Systems Control Study Manual, 7th Edition, Chapter 2, Section 2.2.2, page 691

The best way to prevent future occurrences of active network accounts belonging to former employees is to conduct a comprehensive review of access management processes. This review should include verifying that the access rights of all employees are updated regularly, especially when they change roles or leave the organization. The review should also ensure that there are clear policies and procedures for granting, modifying, and revoking access rights, and that these are followed consistently and documented properly. The review should also identify and address any gaps or weaknesses in the access management processes that could lead to unauthorized or inappropriate access. By conducting a comprehensive review of access management processes, the organization can improve its security posture and reduce the risk of data breaches or misuse of resources. References = IT audit: The ultimate guide [with checklist] | Zapier, IT auditing and controls – planning the IT audit [updated 2021]

 Providing acknowledgments from receiver to sender is a control that helps to ensure that transaction data reaches its destination, as it confirms the successful delivery of the data and allows the sender to resend the data in case of failure. Securing the network from attacks, digitally signing individual messages, and encrypting data-in-transit are controls that help to ensure the integrity and confidentiality of the data, but not the availability or delivery of the data. References = CRISC by Isaca Actual Free Exam Q&As, question 199.