CRISC Exam Dumps - Certified in Risk and Information Systems Control

A root cause analysis is a systematic process of identifying the underlying factors that caused the noncompliant conditions during the review of a control procedure. A root cause analysis can help to prevent the recurrence of the noncompliance, improve the effectiveness of the control procedure, and enhance the risk management process. A root cause analysis can be performed using various tools and techniques, such as the 5 whys, fishbone diagram, Pareto chart, or fault tree analysis. The other options are not as appropriate as a root cause analysis, because they do not address the source of the problem, but rather the symptoms or consequences of the noncompliance. References = Risk and Information Systems Control Study Manual, Chapter 4, Section 4.3.3, page 130.

The risk practitioner’s best course of action after identifying risk scenarios related to noncompliance with new industry regulations is to escalate to senior management, as they have the authority and responsibility to decide on the appropriate risk response and allocate the necessary resources. Transferring the risk, implementing monitoring controls, and recalculating the risk are possible risk responses, but they require senior management approval and direction. References = Risk Scenarios Toolkit, page 19; CRISC Review Manual, 7th Edition, page 107.

The best way to identify changes in the risk profile of an organization is to monitor key risk indicators (KRIs), which are metrics that provide information on the level of exposure to a given operational risk1. KRIs can help to monitor the changes in risk levels over time, identify emerging risks, and trigger risk response actions when the risk exceeds the acceptable thresholds2. KRIs can also help to align the risk management strategy with the business objectives and context. The other options are not the best ways to identify changes in the risk profile of an organization, as they do not provide the same level of insight and guidance as KRIs. Monitoring key performance indicators (KPIs) may show the results or outcomes of the business processes, but not the risks or uncertainties that affect them. Interviewing the risk owner may provide some subjective or qualitative information on the risk perception or attitude, but not the objective or quantitative data on the risk exposure or impact. Conducting a gap analysis may show the difference between the current and desired state of the organization, but not the causes or sources of the risk. References = Key Risk Indicators; Key Risk Indicators: A Practical Guide

The proposed benefit that is most likely to influence senior management approval to reallocate budget for a new security initiative is the reduction in residual risk, as it indicates the expected value and outcome of the initiative in terms of reducing the risk exposure and impact to the level that is aligned with the risk tolerance and appetite of the organization. The other options are not the most likely benefits, as they may not reflect the actual or optimal risk reduction, or may not be relevant or measurable for the senior management, respectively. References = CRISC Review Manual, 7th Edition, page 111.

Arisk maphelps stakeholders understand how risk scenarios align with the organization’srisk appetite. This visualization facilitates informed decision-making and ensures risk responses are consistent with organizational priorities.

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Internal audit reports provide the most useful information to assess the magnitude of identified deficiencies in the IT control environment. Internal audit reports are independent and objective evaluations of the design and operating effectiveness of the IT controls, as well as the compliance with policies, standards, and regulations. Internal audit reports also provide recommendations for improvement and follow-up actions for the control deficiencies. Internal audit reports can help measure the impact and severity of the control deficiencies, and prioritize the remediation efforts. Peer benchmarks, business impact analysis (BIA) results, and threat analysis results are not as directly related to the assessment of the control deficiencies, although they may provide some contextual or comparative information. References = Risk and Information Systems Control Study Manual, Chapter 1, Section 1.4.1, page 1-19.