CRISC Exam Dumps - Certified in Risk and Information Systems Control

Key risk indicators (KRIs) are metrics that provide information about the level of exposure to a specific risk or a group of risks.

Reviewing KRIs is the most helpful way to determine the effectiveness of an organization’s IT risk mitigation efforts. This means that the organization monitors and evaluates the actual results and outcomes of the risk responses, compares them with the risk appetite and tolerance of the organization, identifies any deviations or breaches that may require attention or action, and reports them to the appropriate parties for decision making or improvement actions.

The other options are not the most helpful ways to determine the effectiveness of an organization’s IT risk mitigation efforts. They are either secondary or not essential for risk management.

The references for this answer are:

Risk IT Framework, page 15

Information Technology & Security, page 9

Risk Scenarios Starter Pack, page 7

The percentage of projects with developed controls on scope creep is the best key performance indicator (KPI) to measure how effectively risk management practices are embedded in the project management office (PMO), as it reflects the ability of the PMO to identify, assess, and respond to the risk of project scope changes that may affect the project objectives, budget, and schedule. The other options are not the best KPIs, as they do not directly measure the effectiveness of risk management practices in the PMO, but rather the outcomes or consequences of risk management decisions. References = CRISC Review Manual, 7th Edition, page 110.

A project sponsor is the person or group who provides the financial, political, or organizational support for a project, and who has the authority to approve or reject the project’s objectives, scope, budget, schedule, and deliverables.

The primary recipient of reports showing the progress of a current IT risk mitigation project should be the project sponsor, because they are ultimately responsible for the success or failure of the project, and they need to be informed of the project’s status, issues, risks, and achievements on a regular basis.

The other options are not the primary recipients of reports showing the progress of a current IT risk mitigation project. They are either secondary or not essential for project reporting.

The references for this answer are:

Risk IT Framework, page 21

Information Technology & Security, page 15

Risk Scenarios Starter Pack, page 13

The risk practitioner’s best course of action when the residual risk is now within the organization’s defined appetite and tolerance levels is to verify the adequacy of risk monitoring plans. Risk monitoring is the process of tracking and reviewing the risk status and performance, and ensuring that the risk responses are effective and efficient1. Risk monitoring plans are the documents that specify the objectives, scope, methods, roles, and responsibilities for the riskmonitoring activities2. By verifying the adequacy of risk monitoring plans, the risk practitioner can:

Ensure that the risk monitoring plans are aligned with the organization’s risk strategy, objectives, and policies, and that they comply with the relevant standards and regulations3.

Evaluate whether the risk monitoring plans are comprehensive and consistent, and that they cover all the key aspects and indicators of the risks and the risk responses4.

Identify and address any gaps, issues, or challenges that may affect the implementation or outcome of the risk monitoring plans, and recommend and implement appropriate improvement actions5.

The other options are not the best course of action, because:

Identifying new risk entries to include in ERM is not a relevant or necessary course of action, as it is not directly related to the residual risk or the risk responses. ERM is the process of identifying, analyzing, evaluating, and managing the risks that may affect the organization’s strategic, operational, financial, or reputational objectives6. Identifying new risk entries is a part of the risk identification process, which is the first step in ERM. It should be performedperiodically or when there are significant changes in the internal or external environment, not when the residual risk is within the appetite and tolerance levels7.

Removing the risk entries from the ERM register is not a valid or advisable course of action, as it may create a false sense of security or complacency. The ERM register is a tool that records and summarizes the key information and data about the identified risks and the risk responses. Removing the risk entries from the ERM register may imply that the risks no longer exist or matter, which is not true. The risks may still occur or change, and the risk responses may still fail or become obsolete. Therefore, the risk entries should be kept and updated in the ERM register, unless the risks are completely eliminated or transferred.

Re-performing the risk assessment to confirm results is not an efficient or effective course of action, as it may be redundant or unnecessary. Risk assessment is the process of estimating the probability and impact of the risks, and prioritizing the risks based on their significance and urgency. Re-performing the risk assessment may not provide any new or useful information or insights, and may waste time and resources. Instead, the risk practitioner should verify and validate the risk assessment results, and ensure that they are accurate and reliable.

References =

Risk Monitoring - CIO Wiki

Risk Monitoring Plan - CIO Wiki

Risk Monitoring and Reporting - ISACA

Risk Monitoring and Control - Project Management Institute

Risk Monitoring and Review - The National Academies Press

Enterprise Risk Management - CIO Wiki

Risk Identification - CIO Wiki

[Risk Register - CIO Wiki]

[Risk Register: How to Use It in Project Management - ProjectManager.com]

[Risk Assessment - CIO Wiki]

[Risk Assessment Process - ISACA]

 Residual risk is the risk that remains after applying controls to mitigate the inherent risk. Inherent risk is the risk that exists before considering the controls. Risk appetite is the amount and type of risk that an organization is willing to accept in pursuit of its objectives. Risk tolerance is the acceptable level of variation from the risk appetite. Improvements in the design and implementation of a control will most likely result in an update to the residual risk, because they will reduce the likelihood and impact of the risk event, and therefore lower the risk exposure and value. By improving the design and implementation of a control, the organization can enhance the effectiveness and efficiency of the control, and ensure that it is aligned with the risk objectives, expectations, and outcomes. The improvement can also address any gaps, overlaps, redundancies, or conflicts among the controls, and any changes or enhancements that are needed to optimize the controls. The other options are less likely to be updated due to improvements in the design and implementation of a control. The inherent risk will not change, as it is based on the nature and value of the asset and the threats and vulnerabilities that exist. The risk appetite and the risk tolerance will also not change, as they are based on the organization’s culture, strategy, and stakeholder expectations. Therefore, the most likely factor to be updated is the residual risk, as it reflects the actual risk level that the organization faces after applying the controls. References = Risk IT Framework, ISACA, 2022, p. 131

The best way to mitigate the risk to IT infrastructure availability is to establish a disaster recovery plan (DRP), because a DRP is a document that defines the procedures and resources needed to restore the IT infrastructure and resume the critical business functions in the event of a disaster or disruption. A DRP helps to minimize the downtime, data loss, and financial impact of a disaster, and ensures the continuity of operations and services. The other options are not the best ways to mitigate the risk to IT infrastructure availability, although they may also be helpful in supporting the DRP. Establishing recovery time objectives (RTOs), maintaining a current list of staff contact details, and maintaining a risk register are examples of planning or monitoring activities that aim to define the requirements, roles, and responsibilities for the disaster recovery process, but they do not address the actual implementation or execution of the DRP. References = CRISC: Certified in Risk & Information Systems Control Sample Questions

The most important factor when assessing the risk of allowing users to access company data from their personal devices is the classification of the data, as it indicates the level of sensitivity, confidentiality, and criticality of the data. Data classification helps to determine the appropriate level of protection and controls that are needed to prevent unauthorized access, disclosure, modification, or loss of the data. Data classification also helps to define the roles and responsibilities of the data owners, custodians, and users, and the acceptable use of the data. The other options are not the most important factors, although they may be relevant or influential in the risk assessment. The type of device may affect the security features and vulnerabilities of the device, but it does not determine the value or impact of the data. The remote management capabilities may affect the ability to monitor, control, or wipe the device in case of theft or loss, but they do not reflect the nature or purpose of the data. The volume of data may affect the storage capacity or performance of the device, but it does not indicate the importance or significance of the data. References = What is BYOD (Bring-Your-Own-Device) - CrowdStrike; Understanding BYOD Policy - Get Certified Get Ahead; Addressing cyber security concerns on employees’ personal devices; Personal Devices at Work – Nonprofit Risk Management Center; 10 Keys to an Effective BYOD and Remote Access Policy

Least privilege is the best way to reduce the likelihood of an individual performing a potentially harmful action as the result of unnecessary entitlement, because it limits the access and permissions of the individual to the minimum level that is required to perform their role or function, and prevents the individual from accessing or modifying the resources or data that are not relevant or authorized. An entitlement is a right or privilege that grants an individual the ability to access or use a resource or data, such as a file, a system, or an application. An unnecessary entitlement is an entitlement that is not needed or justified for the individual’s role or function, and may pose a risk of unauthorized or inappropriate access or use of the resource or data. A potentially harmful action is an action that may cause harm or damage to the organization or its objectives, such as a data breach, a fraud, or a sabotage. Least privilege is thebest way, as it helps to minimize the exposure and impact of the unnecessary entitlement, and to reduce the likelihood and severity of the potentially harmful action. Application monitoring, separation of duty, and nonrepudiation are all possible ways to reduce the likelihoodof an individual performing a potentially harmful action as the result of unnecessary entitlement, but they are not the best way, as they do not directly address the unnecessary entitlement, and may not prevent the potentially harmful action. References = Risk and Information Systems Control Study Manual, Chapter 5, Section 5.3.2, page 200