CRISC Exam Dumps - Certified in Risk and Information Systems Control

Preventive controls are the best types of controls to minimize the risk associated with a vulnerability, because they aim to avoid or reduce the occurrence of a threat or an exploit. Preventive controls can include physical, technical, or administrative measures, such as locks, firewalls, encryption, policies, training, or backup. Preventive controls can also involve eliminating or substituting the source of the vulnerability, such as outdated software or hardware.

References

•ISACA CRISC Review Manual, 7th Edition, Domain 3: Risk Response, Section 3.2.1: Control Types

•Hazard Controls - Princeton University

•Risk Control | Techniques and Importance of Risk Control - EDUCBA

Backups are the best control to mitigate the impact of a failed IT system upgrade project that has resulted in the corruption of an organization’s asset inventory database, as they allow the organization to restore the data from a previous state and resume normal operations. Encryption, authentication, and configuration are not the best controls, as they do not address the data corruption issue, but rather the datasecurity, access, and quality issues, respectively. References = CRISC Review Manual, 7th Edition, page 153.

Perform a Risk Assessment:

Immediate Action: The first step when discovering a non-compliant implementation is to understand the potential risks it poses to the organization. This involves identifying threats, vulnerabilities, and potential impacts of the non-fungible token (NFT) asset program.

Risk Identification and Evaluation: Assess the new program’s impact on the organization’s risk profile. Determine if it introduces significant security, compliance, or operational risks.

Documentation and Reporting: Document the findings and present them to senior management along with recommendations for mitigation or further action.

Comparison with Other Options:

Report the Infraction: Reporting is necessary but should follow the risk assessment to provide a clear understanding of the implications and necessary mitigations.

Conduct Risk Awareness Training: Training is preventive and should be part of a long-term strategy, not the immediate response to a specific incident.

Discontinue the Process: Discontinuing the process may be a necessary step after assessing the risk, but the assessment must come first to justify such an action.

Best Practices:

Comprehensive Risk Assessment: Ensure that the risk assessment covers all aspects, including financial, reputational, and regulatory risks.

Stakeholder Involvement: Involve relevant stakeholders in the assessment process to gather diverse perspectives and ensure a thorough evaluation.

Actionable Recommendations: Provide clear, actionable recommendations based on the risk assessment findings.

Assigning a data owner ensures accountability and responsibility for classifying and protecting data according to its sensitivity. This role is critical in implementing effectiveData Governance Practices.

ï‚· Understanding the Question:

The question asks what best enables the integration of IT risk management across an organization.

ï‚· Analyzing the Options:

A. Enterprise risk management (ERM) framework:Provides a comprehensive approach to integrating risk management across the entire organization.

B. Enterprise-wide risk awareness training:Important for education but doesn't ensure integration.

C. Robust risk reporting practices:Crucial for communication but not integration.

D. Risk management policies:Necessary but need to be part of an overall framework for effective integration.

ï‚· Detailed Explanation:

ERM Framework:An ERM framework ensures that risk management practices are standardized and integrated throughout the organization. It aligns risk management with business objectives, ensuring that IT risk is considered within the broader context of enterprise risk.

Comprehensive Approach:ERM covers all aspects of risk, including IT, and facilitates a unified approach to managing risk across all departments and levels.

The risk practitioner’s next step after learning of an incident that has affected a competitor is to develop risk scenarios, as it involves identifying and describing the potential sources, events, impacts, and responses of the risk that may affect the organization in a similar way as the competitor, and assessing the likelihood and magnitude of the risk. Activating the incident response plan, implementing compensating controls, and updating the risk register are not the next steps, as they are more related to the reaction, mitigation, or reporting of the risk, respectively, rather than the identification and assessment of the risk. References = CRISC Review Manual, 7th Edition, page 100.

Continuous monitoring of key risk indicators (KRIs) will provide an early warning so that proactive action can be taken, because it helps to detect and measure the changes or trends in the risk level or performance, and to alert the risk owners and stakeholders when the risk exceeds the predefined thresholds or targets. A KRI is a metric or indicator that helps to monitor and evaluate the likelihood or impact of a risk, or the effectiveness or efficiency of a control. A KRI can be quantitative or qualitative, and can be derived from internal or external sources. Continuous monitoring is a process of collecting and analyzing data on a regular or real-time basis, to provide timely and relevant information for decision making or action taking. Continuous monitoring of KRIs will provide an early warning, as it helps to identify and address the risk issues or incidents before they escalate or cause significant damage or disruption. Ensuring that risk will not exceed the defined risk appetite of the organization, providing a snapshot of the risk profile, and ensuring that risk tolerance and risk appetite are aligned are all possible outcomes of continuous monitoring of KRIs, but they are not the best answer, as they do not reflect the main purpose and benefit of continuous monitoring of KRIs, which is to provide an early warning. References = Risk and Information Systems Control Study Manual, Chapter 3, Section 3.3.2, page 97

The effectiveness of risk treatment determines whether the selected response sufficiently mitigates the identified risk. This consideration ensures alignment with risk appetite and reduces residual risk to acceptable levels, reflecting the priorities set out in theRisk Response and Treatmentdomain of CRISC.