CRISC Exam Dumps - Certified in Risk and Information Systems Control

The MOST important stakeholders to include during the initial risk identification process for a business application are the business process owners, because they are the ones who have the authority and responsibility for the business processes that are supported or enabled by the business application. The business process owners can provide valuable input and feedback on the business objectives, requirements, and expectations of the business application, as well as thepotential risks, impacts, and opportunities that may affect the business processes and outcomes. The other options are not as important as the business process owners, because:

Option B: Business process consumers are the ones who use or benefit from the business processes that are supported or enabled by the business application, such as customers, employees, or partners. They can provide useful information and perspectives on the user needs, preferences, and satisfaction of the business application, but they are not as important as the business process owners, who have the ultimate accountability and authority for the business processes and outcomes.

Option C: Application architecture team is the one who designs and develops the technical architecture and components of the business application, such as the hardware, software, network, and data. They can provide technical expertise and guidance on the feasibility, functionality, and security of the business application, but they are not as important as the business process owners, who have the primary stake and interest in the business application and its alignment with the business processes and objectives.

Option D: Internal audit is the one who provides independent assurance and consulting services on the governance, risk management, and control processes of the organization, including the business application. They can provide objective and impartial evaluation and recommendation on the effectiveness and efficiency of the business application and its compliance with the internal and external standards and regulations, but they are not as important as the businessprocess owners, who have the direct involvement and influence on the business application and its performance and value. References = Risk and Information Systems Control Study Manual, 7th Edition, ISACA, 2020, p. 103.

Even with SLAs in place, both parties must manage aspects of availability risk. The provider manages infrastructure, while the organization is responsible for business impact.

Root cause analysis helps identify the fundamental reason for an incident, allowing the enterprise to implement controls that reduce the probability of recurrence.

Anonymous reporting mechanisms (e.g., hotlines, web portals) encourage employees to report unethical behavior without fear of retaliation. This increases visibility into otherwise hidden risks and supports early intervention.

 The primary accountability for a control owner is to ensure the control operates effectively, as they have the authority and responsibility to design, implement, monitor, and report on the performance and adequacy of the control, and to identify and address any control gaps or deficiencies. Communicating risk to senior management, owning the associated risk the control is mitigating, and identifying and assessing control weaknesses are not the primaryaccountabilities, as they are more related to the roles and responsibilities of the risk owner, the risk practitioner, or the auditor, respectively, rather than the control owner. References = CRISC Review Manual, 7th Edition, page 101.

A risk register is a tool that records and tracks the identified risks, their causes, impacts, likelihood, responses, and owners. A decentralized risk register is maintained by each business unit or function, while a consolidated risk register is maintained at the enterprise level. The greatest concern with maintainingdecentralized risk registers instead of a consolidated risk register is that the aggregated risk may exceed the enterprise’s risk appetite and tolerance. Risk appetite is the amount and type of risk that an enterprise is willing to accept in pursuit of its objectives, while risk tolerance is the acceptable level of variation around the objectives. If the risk registers are not consolidated, the enterprise may not have a holistic view of its risk profile and may not be able to prioritize and allocate resources effectively. The other options are also concerns, but they are not as significant as the potential misalignment between the aggregated risk and the enterprise’s risk appetite and tolerance. References = Risk and Information Systems Control Study Manual, 7th Edition, Chapter 1, Section 1.2.2.2, pp. 21-22.

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.

The greatest challenge when implementing a corporate risk framework for a global organization is the management support. A corporate risk framework is a set of principles, policies, standards, and processes that guide and govern the risk management activities across the organization. Acorporate risk framework helps to establish a consistent and integrated approach to risk management, and to align the risk management objectives and strategies with the business goals and values. Implementing a corporate risk framework for a global organization requires the management support, which is the commitment, involvement, and endorsement of the senior management and the board. Management support is essential for providing the vision, direction, and resources for the risk management initiatives, and for ensuring the accountability, responsibility, and ownership of the risk management roles and functions. Management support is also critical for creating and sustaining a risk-aware culture, and for promoting the risk management awareness and communication among the stakeholders. Management support can be challenging to obtain and maintain, especially for a global organization, as it may face various barriers, such as different expectations, priorities, preferences, or perspectives of the management, lack of trust or confidence in the risk management value or performance, resistance to change or innovation, or competing interests or agendas. Privacy risk controls, business continuity, and risk taxonomy are not as challenging as management support, as they are thecomponents or outcomes of the corporate risk framework, andthey can be addressed or improved by applying the appropriate methods, techniques, or tools. References = CRISC Review Manual, 6th Edition, ISACA, 2015, page 35.