CRISC Exam Dumps - Certified in Risk and Information Systems Control

A maturity model is a framework that describes the stages or levels of development and improvement of a certain domain, such as a process, a function, or an organization. A maturitymodel can help to evaluate the current state, identify the strengths and weaknesses, set the goals and objectives, and measure the performance and improvement over time. The primary benefit of using a maturity model is that it helps to evaluate the evolution of process improvements, meaning that it can help to track the progress andchanges of the processes, as well as to identify the best practices and standards. A maturity model can also help to compare the processes with the industry benchmarks and competitors, as well as to align the processes with the business strategy and vision. References = Risk and Information Systems Control Study Manual, Chapter 3, Section 3.3.2.1, p. 118-119

The best key performance indicator (KPI) to measure the effectiveness of the security patching process is the percentage of patches installed successfully within the expected time frame. This KPI can help to evaluate how well the security patching process meets the predefined objectives and standards, and how timely the patches are applied to reduce the risk exposure. The percentage of patches installed by the security administration team, successfully during the first attempt, or without causing an unplanned system outage are other possible KPIs, but they are not as relevant as the percentage of patches installed successfully within the expected time frame. References = ISACA Certified in Risk and Information Systems Control (CRISC) Certification Exam Question and Answers, question 7; CRISC Review Manual, 6th Edition, page 202.

Strategic decisions on risk management are the decisions that involve setting the direction, objectives, and priorities for risk management within an organization, as well as aligning them with the organization’s overall strategy, vision, and mission1. Strategic decisions on riskmanagement also involve defining the organization’s risk appetite and tolerance, which are the amount and level of risk that the organization is willing and able to accept to achieve its goals2. The responsibility for strategic decisions on risk management should belong to the executive management team, which is the group of senior leaders who have the authority and accountability for the organization’s performance and governance3. The executive management team has the best understanding of the organization’s strategic context, environment, and stakeholders, and can make informed and balanced decisions that consider the benefits and costsof risk-taking4. The executive management team also has the ability and responsibility to communicate and cascade the strategic decisions on risk management to the rest of the organization, and to monitor and evaluate their implementation and outcomes5. The chief information officer (CIO), the audit committee, and the business process owner are not the best choices for being responsible for strategic decisions on risk management, as they do not have the same level of authority and accountability as the executive management team. The CIO is the senior leader who oversees the organization’s information andtechnology strategy, resources, and systems6. The CIO may be involved in providing input and feedback to the executive management team on the strategic decisions on risk management, especially those related to IT risk, but they do not have the final say or the overall responsibility for them. The audit committee is a subcommittee of the board of directors that oversees the organization’s financial reporting, internal controls, and external audits7. The audit committee may be involved in reviewing and approving the strategic decisions on risk management, as well as ensuring their compliance with the relevant laws and standards, but they do not have the authority or the expertise to make or implement them. The business process owner is the person who has the authority and accountability for a business process that supports or enables the organization’s objectives and functions. The business process owner may be involved in executing and reporting on the strategic decisions on risk management, as well as identifying and mitigating the risks related to their business process, but they do not have the perspective or the influence to make or communicate them. References = 1: Strategic Risk Management: Complete Overview (With Examples)2: [Risk Appetite and Tolerance - ISACA] 3: [Senior Management - Definition, Roles andResponsibilities] 4: Stanford Strategic Decision and Risk Management | Stanford Online5: A 7-Step Process for Strategic Risk Management — RiskOptics - Reciprocity6: [Chief Information Officer (CIO) - Gartner ITGlossary] 7: [Audit Committee - Overview, Functions, and Responsibilities] : [Business Process Owner - Gartner IT Glossary] : [Business Process Owner - Roles and Responsibilities] : [Risk and Information Systems Control Study Manual, Chapter 1: IT Risk Identification, Section 1.1: IT Risk Concepts, pp. 17-19.]

The primary reason for prioritizing risk scenarios is to facilitate risk response decisions. Risk scenarios are hypothetical situations that describe the possible causes, events, and consequences of a risk. Prioritizing risk scenarios is the process of ranking the risk scenarios according to their level of importance, urgency, or impact. Prioritizing risk scenarios helps to facilitate risk response decisions, which are the choices made to address the risks, such as avoiding, transferring, mitigating, or accepting the risks. Prioritizing risk scenarios helps to allocate the resources and efforts to the most significant or critical risk scenarios, and to select the most appropriate and effective risk responses. Prioritizing risk scenarios also helps to communicate and justify the risk response decisions to the stakeholders, and to monitor and report the risk status and performance. Providing an enterprise-wide view of risk, supporting risk response tracking, and assigning risk ownership are not the primary reasons for prioritizing risk scenarios, as they are either theinputs or the outputs of the risk prioritization process, and they do not address the primary need of responding to the risks. References = CRISC Review Manual, 6th Edition, ISACA, 2015, page 50.

Information security metrics are quantitative or qualitative measures that indicate the performance and effectiveness of the information security processes, controls, and objectives. The primary goal of developing information security metrics is to enable continuous improvement of the information security program and to align it with the business goals and strategy. Information security metrics can help to identify the strengths and weaknesses of thesecurity program, to monitor and report on the progress and outcomes of the security initiatives, to evaluate the return on investment and value of the security activities, and to provide feedback and guidance for improvement actions. Information security metrics should be relevant, reliable, consistent, and actionable. References = Risk and Information Systems Control Study Manual, Chapter 3, Section 3.3.2, p. 116-117

IT risk scenarios are hypothetical situations that describe how IT-related risks can affect the organization’s objectives, operations, or assets1. IT risk scenarios help to make IT risk more concrete and tangible, and to enable proper risk analysis and assessment2. IT risk scenarios are developed after IT risks are identified, and are used as inputs for risk analysis, where the frequency and impact of the scenarios are estimated3.

The most important factor to the successful development of IT risk scenarios is threat and vulnerability analysis. Threat and vulnerability analysis is the process of identifying and evaluating the potential sources and causes of IT risks, such as malicious actors, natural disasters, human errors, or technical failures4. Threat and vulnerability analysis can help to:

Define the scope and boundaries of the IT risk scenarios, and ensure that they are relevant and realistic

Identify the critical assets, processes, or functions that are exposed or affected by the IT risks, and assess their value and importance to the organization

Determine the likelihood and methods of the threat events, and the existing or potential weaknesses or gaps in the IT control environment

Estimate the potential consequences and impacts of the IT risks, such as financial losses, operational disruptions, reputational damages, or compliance violations5

References = IT Scenario Analysis in Enterprise Risk Management - ISACA, IT Risk Scenarios - Morland-Austin, Threat and Vulnerability Analysis - Wikipedia, Threat and Vulnerability Analysis - ISACA