CRISC Exam Dumps - Certified in Risk and Information Systems Control

Thebest practiceis torecord the problem immediately as a new issuein the risk management system. ISACA emphasizes maintaining an up-to-date risk register to ensure emerging issues are tracked and addressed in a timely manner.

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The most useful information for a risk practitioner when planning response activities after risk identification is the risk priorities. Risk priorities are the order or ranking of the risks based on their level of importance or urgency. Risk priorities help the risk practitioner to focus on the most critical risks, and allocate the resources and efforts accordingly. Risk priorities are usuallydetermined by using a combination of factors, such as the likelihood and impact of the risks, the risk appetite and tolerance of the organization, and the cost and benefit of the risk responses. Theother options are not as useful as the risk priorities, although they may provide some input or context for the risk response planning. The risk register is the document that records the details of all identified risks, but it does not necessarily indicate the risk priorities. The risk appetite is the amount and type of risk that the organization is willing to pursue, retain, or take, but it does not specify the risk priorities. The risk heat maps are graphical tools that display the risk level of each risk based on the likelihood and impact, but they do not show the risk priorities. References = Risk and Information Systems Control Study Manual, Chapter 4, Section 4.3.1, page 4-23.

 The FIRST thing that should be done when a KRI has remained below its established trigger point for an extended period of time is to recommend a re-evaluation of the current threshold of the KRI, because it may indicate that the trigger point is set too high or too low, or that the KRI is not relevant or effective in measuring the risk exposure. A re-evaluation of the current threshold of the KRI may result in adjusting the trigger point, changing the KRI, or removing the KRI. The other options are not the first thing that should be done, because:

Option B: Notifying management that KRIs are being effectively managed is not the first thing that should be done, because it may not reflect the true risk status and performance. A KRI that remains below its trigger point for a long time may not be a valid or reliable indicator of the risk exposure, and it may not capture the changes or trends in the risk environment.

Option C: Updating the risk rating associated with the KRI in the risk register is not the first thing that should be done, because it may not be accurate or consistent. A risk rating is based on the likelihood and impact of the risk, and it should be derived from a comprehensive risk analysis, not just from a single KRI. A KRI that remains below its trigger point for a long time may not reflect the actual likelihood and impact of the risk, and it may not be aligned with the other risk indicators and assessments.

Option D: Updating the risk tolerance and risk appetite to better align to the KRI is not the first thing that should be done, because it may not be appropriate or feasible. Risk tolerance and risk appetite are the acceptable level of risk exposure and variation that the enterprise is willing to accept in pursuit of its objectives, and they are determined by the executive management and the board of directors, based on the enterprise’s strategy and goals. A KRI that remains below its trigger point for a long time may not represent the desired or optimal level of risk exposure and variation, and it may not be aligned with the enterprise’s strategy and goals. References = Risk and Information Systems Control Study Manual, 7th Edition, ISACA, 2020, p. 121.

The risk practitioner’s BEST course of action is to validate the transfer of risk and update the register to reflect the change, because outsourcing the backup and recovery procedures to a third-party cloud provider does not eliminate the risk, but rather transfers it to the service provider. The risk practitioner should verify that the service provider has adequate controls and capabilities to handle the backup and recovery procedures, and that the contractual agreement specifies the roles and responsibilities of both parties. The risk practitioner should also update the risk register to reflect the new risk owner and the residual risk level. The other options are not the best course of action, because:

Option A: Accepting the risk and documenting contingency plans for data disruption is not the best course of action, because it implies that the risk practitioner is still responsible for the risk, even though it has been transferred to the service provider. Contingency plans are also reactive measures, rather than proactive ones.

Option B: Removing the associated risk scenario from the risk register due to avoidance is not the best course of action, because it implies that the risk has been eliminated, which is not the case. The risk still exists, but it has been transferred to the service provider. The risk register should reflect the current risk status and ownership.

Option C: Mitigating the risk with compensating controls enforced by the third-party cloud provider is not the best course of action, because it implies that the risk practitioner is still involved in the risk management process, even though the risk has been transferred to the service provider. The risk practitioner should rely on the service provider’s controls and capabilities, andmonitor their performance and compliance. References = Risk and Information Systems Control Study Manual, 7th Edition, ISACA, 2020, p. 196.

Single sign-on (SSO)simplifies authentication but introduces asingle point of failure. If the SSO mechanism is compromised or goes down, it can result in the loss of access across multiple systems, leading to widespread business disruption or security breaches.

The data owner is the person who has the authority and responsibility to classify, label, and protect the information assets of the organization. The data owner is accountable for the risk ofpotential loss of confidential information, as they are the ones who determine the level of protection and access required for the data. The risk manager is responsible for identifying, assessing, and mitigating the risks that may affect the organization, but they are not accountable for the data itself. The end user is the person who uses the information assets for their operational tasks, but they are not accountable for the data protection or classification. The IT department is responsible for providing the technical support and infrastructure for the information assets, but they are not accountable for the data ownership or risk management. References = Risk and Information Systems Control Study Manual, Chapter 2: IT Risk Assessment, Section 2.3: Data Classification, p. 69-70.