CRISC Exam Dumps - Certified in Risk and Information Systems Control

An internal data access policy is a set of rules and guidelines that define who, how, when, and why the users can access, use, share, or modify the data stored in a business application system, based on the data classification, sensitivity, and ownership.

Enforcing an internal data access policy is the most appropriate way to prevent unauthorized retrieval of confidential information stored in a business application system. This means that the organization implements and maintains effective controls to ensure that only the authorized users can access the confidential information, and that the access is logged and monitored for compliance and security purposes.

The other options are not the most appropriate ways to prevent unauthorized retrieval of confidential information stored in a business application system. They are either secondary or not essential for data access control.

The references for this answer are:

Risk IT Framework, page 28

Information Technology & Security, page 22

Risk Scenarios Starter Pack, page 20

A reciprocal agreement is an agreement made by two or more organizations to use each other’s resources during a disaster1. For example, two organizations with similar IT infrastructure may agree to provide backup servers or data centers for each other in case of a major disruption. By doing so, they transfer the risk of losing their IT capabilities to the other party, who agrees to share the responsibility and cost of recovery.

A reciprocal agreement is a form of risk transfer, which is one of the four risk treatment options according to ISO 270012. Risk transfer means that the organization shifts the potential negative consequences of a risk to another party, such as an insurance company, a vendor, or a partner. This reduces the organization’s exposure and liability to the risk, but it does not eliminate the risk completely, as the other party may fail to fulfill their obligations or charge a high price for their services.

References = Reciprocal Agreement - Risky Thinking, ISO 27001 Risk Assessment & Risk Treatment: The Complete Guide - Advisera

The most helpful activity for a risk practitioner when ensuring that mitigated risk remains within acceptable limits is to implement a process for ongoing monitoring of control effectiveness. This would enable the risk practitioner to track the performance of the controls, identify any deviations or gaps, and take corrective actions as needed. Ongoing monitoring of control effectiveness would also provide assurance that the risk responses are working as intended, and that the residual risk is aligned with the risk appetite and tolerance of the enterprise. References = Risk and Information Systems Control Study Manual, 7th Edition, Chapter 4, Section 4.3.1, page 188.

 Information security policies are the foundation of an organization’s security program, as they define the objectives, roles, responsibilities, and standards for protecting the information assets and systems. However, information security policies are not static, and they need to be reviewed and updated regularly to reflect the changes in the organization’s environment, risk profile, and compliance requirements. Therefore, the best course of action when conducting an organization-wide risk assessment is to review the policies against current needs to determine adequacy. This means comparing the policies with the current threats, vulnerabilities, controls, and best practices, and identifying any gaps or weaknesses that need to be addressed. The other options are not the best course of action, as they do not consider the current needs of the organization. Reviewing and updating the policies to align with industry standards may not be sufficient, as the organization may have specific or unique needs that are not covered by the standards. Determining that the policies should be updated annually may not be realistic, as the frequency of updates may depend on the nature and complexity of the policies and the organization. Reporting that the policies are adequate and do not need to be updated frequently may not be accurate, as the policies may be outdated or ineffective, and may expose the organization to unnecessary risks. References = Risk Assessment and Analysis Methods: Qualitative and Quantitative - ISACA, Does Your Organization Need a Security Risk Assessment? - ISACA, SP 800-39, Managing Information Security Risk: Organization, Mission …

The risk practitioner should explain to senior management that mitigation plans for threat events should be prepared in the current planning period, as this would demonstrate a proactive and responsible approach to risk management. Mitigation plans are documents that outline the actions and resources needed to reduce the likelihood and/or impact of a specific risk scenario. Mitigation plans should include the following elements:

Risk scenario description and risk ID

Risk owner and other stakeholders

Risk response strategy and objectives

Risk response actions and tasks

Resources, costs, and benefits

Roles and responsibilities

Timeline and milestones

Performance indicators and monitoring mechanisms

Contingency plans and triggers

Mitigation plans help to address the gap between the current and desired risk levels and align the risk response with the organizational risk appetite and objectives. Mitigation plans also facilitate the communication, coordination, and collaboration among the risk owners and other stakeholders involved in the risk response process. Mitigation plans should be prepared in the current planning period, as this would allow the organization to act timely and effectively in the event of a low frequency threat event. Preparing mitigation plans in advance would also help to avoid or minimize the potential harm to the organization and its reputation.

The other options are not the best ways to communicate the associated risk to senior management. Explaining that this risk scenario is equivalent to more frequent but lower impact risk scenarios may not accurately reflect the true nature and severity of the risk. Explaining that the current level of risk is within tolerance may not convey the urgency and importance of addressing the risk. Explaining that an increase in threat events could cause a loss sooner than anticipated may not provide a clear and actionable solution for the risk. References = Four steps for managing risk at the CEO level, IT Risk Resources | ISACA, How to Communicate Risk to Stakeholders | Anitian

The best type of indicators to measure the effectiveness of an organization’s firewall rule set are key control indicators (KCIs). A firewall is a device or software that filters the network traffic based on a set of rules or policies. A firewall rule set is the configuration of the firewall that defines the criteria for allowing or blocking the traffic. A key control indicator is a metric that measures the performance and effectiveness of a control in achieving its objectives and mitigating the risks. A key control indicator can help to evaluate the adequacy and efficiency of the firewall rule set, and to identify any gaps, weaknesses, or issues that need to be addressed.Key risk indicators (KRIs), key management indicators (KMIs), and key performance indicators (KPIs) are not as suitable as key control indicators, as they measure different aspects of the risk management process, such as the level and nature of the risk exposure, the alignment and integration of the risk management activities, and the achievement of the risk management goals and targets. References = CRISC Review Manual, 6th Edition, ISACA, 2015, page 220.

According to the CRISC Review Manual, the primary objective of providing an aggregated view of IT risk to business management is to enable consistent data on risk to be obtained, because it helps to ensure that the risk information is comparable, reliable, and accurate across the organization. An aggregated view of IT risk is a consolidated and comprehensive representation of the IT risk exposure and impact at the enterprise level, based on the risk identification, analysis, and evaluation processes. Providing an aggregated view of IT risk to business management allows them to understand the overall IT risk profile and performance, and to make informed decisions about the risk management strategies and priorities. The other options are not the primary objective of providing an aggregated view of IT risk, as they are related to other benefits or outcomes of the risk aggregation process. Allowing for proper review of risk tolerance is the objective of establishing the risk context, which defines the scope and boundaries of the risk management activities. Identifying dependencies for reporting risk is the outcome of the risk aggregation process, as it provides a clear and consistent structure and format for the risk communication and reporting. Providing consistent and clear terminology is the objective of developing the risk taxonomy, which is the system of classification and categorization of risks based on common characteristics and attributes. References = CRISC Review Manual, 7th Edition, Chapter 2, Section 2.1.2, page 69.

Risk appetite is the amount and type of risk that an organization is willing to accept in pursuit of its objectives. One of the elements of risk appetite is the enterprise’s capacity to absorb loss, which is the maximum amount of loss that an organization can withstand without jeopardizing its existence or strategic objectives. The effectiveness of compensating controls, the residual risk affected by preventive controls, and the amount of inherent risk considered appropriate are not elements of risk appetite, but rather factors that influence the risk assessment and responseprocesses. References = [CRISC Review Manual (Digital Version)], page 41; CRISC Review Questions, Answers & Explanations Database, question 196.