QUESTION: 53

What are the functions of audit and accountability control?
Each correct answer represents a complete solution. (Choose three.)

Provides details on how to protect the audit logs
Implement effective access control
Implement an effective audit program
Provides details on how to determine what to audit

Answer(s): A,C,D

Explanation:

Audit and accountability family of controls helps an organization implement an effective audit program. It provides details on how to determine what to audit. It provides details on how to protect the audit logs. It also includes information on using audit logs for non-repudiation.

Incorrect Answers:
B: Access Control is the family of controls that helps an organization implement effective access control. They ensure that users have the rights and permissions they need to perform their jobs, and no more. It includes principles such as least privilege and separation of duties.

Audit and accountability family of controls do not help in implementing effective access control.

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QUESTION: 54

Which among the following acts as a trigger for risk response process?

Risk level increases above risk appetite
Risk level increase above risk tolerance
Risk level equates risk appetite
Risk level equates the risk tolerance

Answer(s): B

Explanation:

The risk response process is triggered when a risk exceeds the enterprise's risk tolerance level. The acceptable variation relative to the achievement of an objective is termed as risk tolerance. In other words, risk tolerance is the acceptable deviation from the level set by the risk appetite and business objectives.

Risk tolerance is defined at the enterprise level by the board and clearly communicated to all stakeholders. A process should be in place to review and approve any exceptions to such standards.

Incorrect Answers:
A, C: Risk appetite level is not relevant in triggering of risk response process. Risk appetite is the amount of risk a company or other entity is willing to accept in pursuit of its mission. This is the responsibility of the board to decide risk appetite of an enterprise. When considering the risk appetite levels for the enterprise, the following two major factors should be taken into account:
The enterprise's objective capacity to absorb loss, e.g., financial loss, reputation damage, etc.
The culture towards risk taking-cautious or aggressive. In other words, the amount of loss the enterprise wants to accept in pursue of its objective fulfillment.

D: Risk response process is triggered when the risk level increases the risk tolerance level of the enterprise, and not when it just equates the risk tolerance level.

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QUESTION: 55

What is the value of exposure factor if the asset is lost completely?

1
Infinity
10
0

Answer(s): A

Explanation:

Exposure Factor represents the impact of the risk over the asset, or percentage of asset lost. For example, if the Asset Value is reduced to two third, the exposure factor value is 0.66.
Therefore, when the asset is completely lost, the Exposure Factor is 1.0. Incorrect Answers:
B, C, D: These are not the values of exposure factor for zero assets.

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QUESTION: 56

Your project is an agricultural-based project that deals with plant irrigation systems. You have discovered a byproduct in your project that your organization could use to make a profit. If your organization seizes this opportunity it would be an example of what risk response?

Enhancing
Positive
Opportunistic
Exploiting

Answer(s): D

Explanation:

This is an example of exploiting a positive risk - a by-product of a project is an excellent example of exploiting a risk. Exploit response is one of the strategies to negate risks or threats that appear in a project. This strategy may be selected for risks with positive impacts where the organization wishes to ensure that the opportunity is realized. Exploiting a risk event provides opportunities for positive impact on a project. Assigning more talented resources to the project to reduce the time to completion is an example of exploit response.

Incorrect Answers:
A: Enhancing is a positive risk response that describes actions taken to increase the odds of a risk event to happen.

B: This is an example of a positive risk, but positive is not a risk response. C: Opportunistic is not a valid risk response.

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