CRISC Exam Dumps - Certified in Risk and Information Systems Control

According to the CRISC Review Manual, enterprise architecture (EA) is a comprehensive framework that defines the structure and operation of an organization, including its business processes, information systems, technology infrastructure, organizational structure, and strategic objectives2. An EA program is a set of principles, policies, standards, and guidelines that govern the development and implementation of the EA3. By having an approved EA program, an organization can ensure that its risk management is aligned with its goals and objectives, as the EA provides a clear and consistent vision of the desired state and direction of the organization, as well as the means to achieve and measure it4. The EA also helps to identify and prioritize the risks and opportunities that may affect the organization’s performance and resilience. The other options are not as effective or relevant as option D, as they do not directly relate to the alignment of risk management with organizational goals and objectives. Option A, having approved policies that provide operational boundaries, is more related to the governance and compliance of risk management, not its alignment. Option B, having organizational controls to manage risk appetite, is more related to the implementation and monitoring of risk management, not its alignment. Option C, continually evaluating environmental changes that impact risk, is more related to the identification and assessment of risk management, not its alignment.

ï‚· Developing IT Risk Scenarios:

Risk scenarios are hypothetical events that describe potential threats and their impact on business operations. These scenarios are essential for identifying and assessing risks.

ï‚· Importance of Potential Impact Events:

Events that could potentially impact the business provide the most useful information for developing risk scenarios because they directly relate to the organization’s objectives and operations.

Understanding these events helps in crafting realistic and relevant risk scenarios that can guide risk assessment and mitigation efforts.

ï‚· Components of Risk Scenarios:

Threat Actors:Identify who might exploit vulnerabilities.

Threat Events:Describe the specific events that could impact the business.

Business Impact:Assess how these events would affect business operations, finances, reputation, etc.

ï‚· Using Impact Events for Scenario Development:

Focusing on events that could disrupt critical business functions ensures that the scenarios are relevant and actionable.

It enables the risk practitioner to communicate the potential consequences effectively to stakeholders and prioritize mitigation efforts accordingly.

ï‚· Comparing Other Information Sources:

Published Vulnerabilities:Useful for understanding specific threats but may not directly relate to business impact.

Threat Actors:Important for identifying potential sources of risk but not sufficient alone for scenario development.

IT Assets:Relevant for risk assessment but secondary to understanding potential impact events.

ï‚· References:

The CRISC Review Manual discusses the importance of considering events that could impact the business when developing risk scenarios (CRISC Review Manual, Chapter 2: IT Risk Assessment, Section 2.4 Risk Scenario Development)​​.

Key risk indicators (KRIs) are metrics that measure the exposure to a given risk at a particular time. They can also provide early warning signs of a potential change in risk level. By monitoring KRIs, risk practitioners can assess how quickly an exposure to a specific risk can affect the organization and take appropriate actions.

References

•Risk management at the speed of business - PwC

•Risk velocity measures how fast an exposure can affect an organization | Business Insurance

 A change in the risk profile would be the most important information to communicate to stakeholders after an annual risk assessment is completed, as it indicates how the risk landscape of the organization has changed over time, and how it affects the achievement of the business goals and objectives. A decrease in threats, an increase in reported vulnerabilities, and an increase in identified risk scenarios are also important information, but they are not the most important, as they are specific aspects of the risk profile, and do not provide a holistic view of the risk exposure and appetite of the organization. References = CRISC Review Manual, 7th Edition, page 109.

When a risk practitioner identifies an increasing trend of employees copying company information unrelated to their job functions to USB drives, the element of the risk register that should be updated is the risk likelihood. Here’s why:

Risk Likelihood:

Risk likelihood refers to the probability that a risk event will occur.

Observing an increasing trend of inappropriate behavior (such as copying sensitive information) indicates a higher probability of occurrence, thus increasing the risk likelihood.

Risk Impact:

While the impact of such actions could be significant, the increasing trend specifically affects the likelihood rather than the immediate impact.

The risk impact remains constant unless there is a change in the potential damage caused by the action.

Key Risk Indicator (KRI):

This observation might serve as a KRI, but the immediate action is to update the likelihood in the risk register, reflecting the increased probability.

Risk Appetite:

Risk appetite defines the level of risk an organization is willing to accept. This observation suggests a deviation but does not directly affect the risk appetite itself.

References:

The CRISC Review Manual emphasizes the importance of regularly updating the risk likelihood based on new observations and trends (CRISC Review Manual, Chapter 2: IT Risk Assessment, Section 2.9.1 Inherent Risk).

The organizational role that should be accountable for ensuring information assets are appropriately classified is the information asset owner, as they have the authority and responsibility to define the classification, retention, and disposal requirements for the information assets they own, and to manage the risk and controls related to the information assets. The other options are not the correct roles, as they have different roles and responsibilities related to the protection, governance, or maintenance of the information assets, respectively, rather than the classification of the information assets. References = CRISC Review Manual, 7th Edition, page 154.

Brainstorming sessions with key stakeholders are the best way to facilitate the development of relevant risk scenarios, as they can generate diverse and creative ideas, perspectives, and insights about the potential risks and their impact on the organization’s objectives and operations. Brainstorming sessions can also foster collaboration, communication, and engagement among the stakeholders, and help to identify and prioritize the most significant and realistic risk scenarios. Brainstorming sessions can be guided by an industry-recognized risk framework, such as ISACA’s Risk IT, and supported by qualitative or quantitative risk assessment methodologies, but they are not sufficient by themselves to develop relevant risk scenarios.

References:

•ISACA, How to Write Strong Risk Scenarios and Statements1

•ISACA, Risk Scenario Development and Analysis2

Regulatory restrictions for cross-border data transfer can significantly impact compliance, making this the most critical consideration. Addressing such restrictions ensures adherence toLegal and Regulatory Requirementsin risk management.