CRISC Exam Dumps - Certified in Risk and Information Systems Control

 Controls are the mechanisms or procedures that ensure the security, reliability, and quality of an IT system or process. Controls can be preventive, detective, or corrective, and can be implemented at various levels, such as physical, logical, administrative, or technical. Controls should be defined during the design phase of system development because it is more cost-effective to determine controls in the early design phase. The design phase is the stage where the system requirements are translated into a detailed technical plan, which includes the system architecture, database structure, user interface, and system components. The design phase also defines the system objectives, goals, and performance criteria. Defining controls during the design phase can help ensure that the controls are aligned with the system requirements and objectives, and that they are integrated into the system design from the start. Defining controls during the design phase can also help avoid or reduce the costs and risks associated with implementing controls later in the development or operation phases, such as rework, delays, errors, failures, or breaches. References = THE SYSTEM DEVELOPMENT LIFE CYCLE (SDLC), p. 2-3, System Development LifeCycle - GeeksforGeeks, 7.3: Systems Development Life Cycle - Engineering LibreTexts, What Is SDLC? 7 Phases of System Development Life Cycle - Intetics.

ï‚· Understanding Risk Analysis:

Risk analysis involves identifying potential risks associated with a new application and assessing their likelihood and impact on the organization.

It provides a detailed understanding of the potential threats, vulnerabilities, and consequences, enabling informed decision-making.

ï‚· Steps in Conducting a Risk Analysis:

Identify Risks:Determine what risks could arise from the new application, including security vulnerabilities, compliance issues, and operational disruptions.

Assess Risks:Evaluate the likelihood and impact of each identified risk. This includes both qualitative and quantitative assessments.

Prioritize Risks:Rank the risks based on their assessed impact and likelihood to focus on the most significant threats first.

ï‚· Importance of Risk Analysis:

Provides senior management with a comprehensive view of the risks involved, enabling them to make informed decisions about proceeding with the application.

Helps in developing mitigation strategies to address the identified risks.

ï‚· Comparing Other Options:

Perform an Audit:Audits are useful for evaluating existing controls but are not the first step in assessing risks for a new application.

Develop Risk Scenarios:This is part of the risk analysis process but comes after identifying and assessing risks.

Perform a Cost-Benefit Analysis:Important for decision-making but follows the initial risk analysis to understand potential impacts.

ï‚· References:

The CRISC Review Manual emphasizes the importance of conducting a risk analysis to understand and manage risks associated with new applications (CRISC Review Manual, Chapter 2: IT Risk Assessment, Section 2.2.1 Conducting Risk Analysis)​​.

The risk scenario chart shows the initial and residual risk ratings, and the project cost, for four projects named Sierra, Tango, Uniform, and Victor. The initial risk rating is the level of risk before applying any controls or mitigation measures, while the residual risk rating is the level of risk after applying the controls or measures. The project cost is the amount of resources required to implement the project. These three factors can be used to determine the relative positions of the projects on a risk map, which is a graphical tool for displaying the risks based on their impact and likelihood. The risk map can help to prioritize and compare the risks, and to select the most appropriate risk response strategy. The other options are not the best answers, as they are not directly shown or derived from the risk scenario chart. The risk treatment options are the possible actions that can be taken to address the risks, such as accept, avoid, mitigate, or transfer. The capability of enterprise to implement is the ability of the organization to execute the risk response plan,considering the available resources, skills, and constraints. The multiple risk factors addressed by a chosen response are the various elements that contribute to or affect the risk, such as the threat sources, events, vulnerabilities, assets, and impacts. These factors are not explicitly stated or measured in the risk scenario chart, and may require further analysis or information. References = How to Write Strong Risk Scenarios and Statements - ISACA; Identifying the Right Risk Scenarios to Measure with FAIR; How to write good risk scenarios and statements

A key performance indicator (KPI) is a measurable value that demonstrates how effectively an organization is achieving its key objectives. A KPI should be relevant, specific, measurable, achievable, and time-bound. The number of identified system vulnerabilities is a KPI that measures the security posture and performance of the organization’s information systems. It also helps to identify the areas that need improvement or remediation. The number of identified system vulnerabilities is relevant to the organization’s objective of protecting its information assets, specific to the system level, measurable by using tools or methods, achievable by implementing security controls or practices, and time-bound by setting a target or threshold. Aggregate risk of the organization, number of exception requests processed in the past 90 days, and number of attacks against the organization’s website are not KPIs, as they are either too broad, not relevant, or not measurable. References = Risk and Information Systems Control Study Manual, 7th Edition, Chapter 4, Section 4.1.1.1, page 1741

1: ISACA Certified in Risk and Information Systems Control (CRISC®) Exam Guide, Answer to Question 647.

The best approach to mitigate the risk associated with a control deficiency is to implement compensating controls. A control deficiency is a situation where a control is missing, ineffective, or inefficient, and cannot provide reasonable assurance that the objectives or requirements are met. A compensating control is a control that provides an alternative or additional measure of protection when the primary or preferred control is not feasible or effective. A compensating control can help to reduce the likelihood and/or impact of the risk associated with the control deficiency, and maintain the compliance or performance level. The other options are not as effective as implementing compensating controls, as they are related to the analysis, assessment, or provision of the risk, not the mitigation of the risk. References = Risk and Information Systems Control Study Manual, Chapter 3: IT Risk Response, Section 3.3: IT Risk Response Implementation, page 145.

According to the ISACA Risk and Information Systems Control study guide and handbook, the information owner is the official with statutory or operational authority for specified information and responsibility for establishing the controls for its generation, collection, processing, dissemination, and disposal. The information owner is also responsible for authorizing access to the information within their domain, based on the principle of least privilege and the need toknow. Therefore, the information owner should be accountable for authorizing information system access to internal users12

1: ISACA Risk and Information Systems Control Study Guide, 4th Edition, page 33 2: ISACA Risk and Information Systems Control Handbook, 1st Edition, page 25

Comparing risk rating against appetite is the most helpful criterion when prioritizing action plans for identified risk, as it helps to determine the urgency and importance of addressing the risk. Risk rating is the level of risk after considering the likelihood and impact of a risk event, and risk appetite is the amount and type of risk that an organization is willing to accept in pursuit of its objectives. By comparing risk rating against appetite, an organization can identify which risks are above, within, or below its tolerance level, and prioritize the action plans accordingly. Risks that are above the appetite level should be treated with the highest priority, as they pose asignificant threat to the organization’s objectives and performance. Risks that are within the appetite level should be monitored and controlled regularly, as they are acceptable but still require attention. Risks that are below the appetite level should be reviewed periodically, as they are negligible or insignificant.