CRISC Exam Dumps - Certified in Risk and Information Systems Control

 The next step after determining that a key control does not meet design expectations is to document the finding in the risk register, because this helps to record and track the information about the identified risk, such as its description, likelihood, impact, response, and status. A key control is a control that addresses a significant risk or supports a critical business process or objective. A control design expectation is a criterion or requirement that defines how the control should operate or perform to achieve its objective. If a key control does not meet its design expectation, it means that there is a gap, weakness, or deficiency in the control that may compromise its effectiveness or efficiency, and increase the risk exposure or impact. By documenting the finding in the risk register, the risk practitioner can communicate and report the risk issue to the relevant stakeholders, such as the risk owner, the management, or the auditor, and initiate the appropriate risk response actions, such as modifying the design of the control, implementing a compensating control, or accepting the risk. The other options are not the best next steps after determining that a key control does not meet design expectations. Invoking the incident response plan is a reactive measure that is triggered when a risk event occurs or is imminent, and requires immediate action to contain, mitigate, or recover from the incident. However, in this case, the risk event has not occurred yet, and there may be time to prevent or reduce it by improving the control design. Re-evaluating key risk indicators is a monitoring activity that measures and evaluates the level and impact of risks, and provides timely signals that something may be going wrong or needs urgent attention. However, in this case, the risk practitioner has already identified the risk issue, and needs to document and address it, rather than re-evaluate it. Modifying the design of the control is a possible risk response action that may be taken to improve the control and reduce the risk, but it is not the next step after determining that the key control does not meet design expectations. The next step is to document the finding in the risk register, and then decide on the best risk response action, which may or may not be modifying the design of the control, depending on the cost-benefit analysis, the risk assessment, and the risk response strategy. References = Risk IT Framework, ISACA, 2022, p. 13

A baseline assessment is the first step in assessing the maturity of an organization’s internal control environment. A baseline assessment is a comprehensive evaluation of the current state of the internal control structure, processes, and activities across the organization. A baseline assessment helps to identify the strengths and weaknesses of the existing internal controls, as well as the gaps and opportunities for improvement. A baseline assessment also provides a reference point for measuring the progress and effectiveness of the internal control improvement initiatives. The other options are not the first steps in assessing the maturity of an internal control environment, although they may be part of the subsequent steps. Validating control process execution is a technique to verify that the internal control activities are performed as designed and intended. Determining if controls are effective is a process to evaluate the adequacy and efficiency of the internal controls in achieving the desired outcomes and mitigating the risks. Identifying key process owners is a task to assign the roles and responsibilities for the internal control design, implementation, and monitoring to the appropriate individuals or groupswithin theorganization. References = CRISC Review Manual, pages 153-1541; CRISC Review Questions, Answers & Explanations Manual, page 742

Scalable infrastructure ensures the system can handle increased load without failure, thus minimizing the risk of downtime or degraded performance during traffic spikes.

According to the Guide to Implementing an IT Risk Management Framework, the first activity that should be performed when establishing IT risk management processes is to assess the goals and culture of the organization. This is because the goals and culture of the organization define the context and scope of the IT risk management process, and influence the risk appetite and tolerance of the organization. By assessing the goals and culture of the organization, the IT risk manager can align the IT risk management process with the organization’s strategy, vision, mission, values, and objectives. The IT risk manager can also identify the key stakeholders, roles, and responsibilities involved in the IT risk management process, and ensure that they have the necessary skills, knowledge, and resources to perform their tasks effectively. Additionally, the IT risk manager can establish the communication and reporting mechanisms for the IT risk management process, and ensure that they are consistent with the organization’s culture and expectations. References = Guide to Implementing an IT Risk Management Framework, An Overview of the Risk Management Process

The Recovery Time Objective (RTO) is the maximum acceptable length of time that a system can be down after a failure or disaster. Determining the RTO involves assessing the cost of downtime and its impact on business operations to ensure that recovery strategies are cost-effective and aligned with business needs.

Reassessing the risk profile is the first course of action that a risk practitioner should take after a hospital recently implemented a new technology to allow virtual patient appointments. This is because reassessing therisk profile can help identify, analyze, and evaluate the new or changed risks that the new technology may introduce or affect, such as data privacy, security, quality, reliability, or compliance risks. Reassessing the risk profile can also help determine the appropriate risk response and mitigation strategies, as well as monitor and report the risk performance and outcomes. According to the CRISC Review Manual 2022, reassessing the risk profile is one of the key steps in the IT risk management process1. According to the web search results, reassessing the risk profile is a common and recommended practice for addressing the risks of virtual patient appointments

Appropriate resources contribute most to the effective implementation of risk responses. Resources include people, time, money, equipment, and materials that are needed to execute the risk responses. Without appropriate resources, the risk responses may not be implemented properly, timely, or efficiently, and may not achieve the desired outcomes. The other options are not as important as appropriate resources, as they are related to the understanding, comparison, or documentation of the risk responses, which are less critical than the execution of the riskresponses. References = Risk and Information Systems Control Study Manual, Chapter 3: IT Risk Response, Section 3.3: IT Risk Response Implementation, page 145.

The most important factor to communicate to senior management during the initial implementation of a risk management program is the desired risk level, which is the level of risk that the organization aims to achieve in order to fulfill its objectives and strategy1. The desired risk level can help to:

Define and communicate the risk appetite and tolerance, which are the amount and type of risk that the organization is willing to accept or pursue in order to achieve its objectives2.

Guide and align the risk identification, analysis, evaluation, and treatment processes, and ensure that the risks are consistent and proportional to the desired risk level3.

Measure and monitor the risk performance and outcome, and ensure that the actual risk level is within the desired risk level, or take corrective actions if needed4.

The other factors are not the most important to communicate to senior management, because:

Regulatory compliance is a necessary but not sufficient factor to communicate to senior management, as it ensures that the risk management program complies with the applicable laws, rules, or standards that govern the organization’s activities and operations5. However, regulatory compliance does not guarantee that the risk management program is relevant and useful for the organization’s specific objectives and strategy.

Risk ownership is a desirable but not essential factor to communicate to senior management, as it assigns the roles and responsibilities for managing the risks and implementing the risk responses to the appropriate individuals or entities within the organization. However, risk ownership does not ensure that the risk management program is effective and efficient in achieving the desired risk level.

Best practices are a useful but not critical factor to communicate to senior management, as they provide the guidelines and standards for designing and implementing the risk management program, based on the experience and knowledge of the industry or the profession. However, best practices do not ensure that the risk management program is suitable and feasible for the organization’s specific context and capabilities.

References =

Desired Risk Level - CIO Wiki

Risk Appetite and Tolerance - CIO Wiki

Risk Management Process - CIO Wiki

Risk Monitoring - CIO Wiki

Regulatory Compliance - CIO Wiki

[Risk Ownership - CIO Wiki]

[Best Practice - CIO Wiki]

[Risk Management - CIO Wiki]