Which of the following will be the GREATEST concern when assessing the risk profile of an organization?
Answer(s): C
The greatest concern when assessing the risk profile of an organization is that the risk profile was last reviewed two years ago. A risk profile is a snapshot of the current risk exposure and appetite of the organization, based on the identification, analysis, and evaluation of the risks that could affect the achievement of the organization's objectives. A risk profile should be reviewed and updated regularly, atleast annually, or whenever there are significant changes in the internal or external environment, such as new projects, strategies, regulations, or incidents. A risk profile that was last reviewed two years ago may not reflect the current risk situation and status of the organization, and may lead to inaccurate or incomplete risk assessment and response. The risk profile not being updated after a recent incident, the risk profile being developed without using industry standards, and the risk profile not containing historical loss data are also concerns, but they are not as critical as the risk profile being outdated. References = CRISC Review Manual, 6th Edition, ISACA, 2015, page 48.
An organization has decided to implement an emerging technology and incorporate the new capabilities into its strategic business plan. Business operations for the technology will be outsourced. What will be the risk practitioner's PRIMARY role during the change?
Answer(s): A
The risk practitioner's primary role during the change is to manage the third-party risk, as this involves identifying, assessing, and mitigating the risks associated with outsourcing the business operations for the emerging technology. The risk practitioner should ensure that the third-party provider has the necessary capabilities, security, and compliance to deliver the expected outcomes and meet the contractual obligations. The risk practitioner should also monitor the performance and service levels of the third-party provider and report any issues or incidents. Developing risk scenarios, managing the threat landscape, and updating risk appetite are all important activities for the risk practitioner, but they are not the primary role during the change. Developing risk scenarios is a technique for identifying and analyzing potential risk events and their impacts. Managing the threat landscape is a process of identifying and responding to the external and internal threats that may affect the organization. Updating risk appetite is a decision that reflects the organization's willingness to accept or avoid risk in pursuit of its objectives. References = Risk and Information Systems Control Study Manual, Chapter 2: IT Risk Identification, page 48.
An organization has outsourced its backup and recovery procedures to a third-party cloud provider. Which of the following should be the risk practitioner's NEXT course of action?
The risk practitioner's next course of action should be to review the contract and SLAs with the third-party cloud provider, as they define the roles, responsibilities, expectations, and obligations of both parties regarding the backup and recovery procedures. The contract and SLAs should specify the scope, frequency, quality, security, availability, and performance of the backup and recovery services, as well as the reporting, monitoring, auditing, and remediation mechanisms. The risk practitioner should ensure that the contract and SLAs are aligned with the organization's business continuity and disaster recovery requirements, and that they provide sufficient assurance and accountability for the third-party provider.
·ISACA, Risk and Information Systems Control Review Manual, 7th Edition, 2020, p. 2501 ·ISACA, Cloud Computing: Business Benefits With Security, Governance and Assurance Perspectives, 2009, p. 142·ISACA, Guidelines on outsourcing to cloud service providers, 2020, p. 63
Which of the following is the BEST control to detect an advanced persistent threat (APT)?
Answer(s): D
Implementing automated log monitoring is the best control to detect an advanced persistent threat (APT), which is a stealthy and continuous attack on a target network or system. Automated log monitoring can help to identify anomalous or suspicious activities, such as unusual network traffic, unauthorized access attempts, or data exfiltration, that may indicate the presence of an APT. Utilizing antivirus systems and firewalls, conducting regular penetration tests, and monitoring social media activities are controls that help to prevent or mitigate APTs, but not to detect them. References = Most Asked CRISC Exam Questions and Answers - The Knowledge Academy, question 200.
Which of the following should be the HIGHEST priority when developing a risk response?
A risk response is the action or plan that is taken to address a specific risk that has been identified, analyzed, and evaluated. It can be one of the following types: mitigate, transfer, avoid, or accept.The highest priority when developing a risk response is to ensure that it aligns with the organization's risk appetite, which is the amount and type of risk that the organization is willing to accept in pursuit of its goals. The risk appetite is usually expressed as a range or a threshold, and it is aligned with the organization's strategy and culture. Aligning the risk response with the organization's risk appetite ensures that the risk response is consistent, appropriate, and proportional to the level and nature of the risk, and that it supports the organization's objectives and values. It also helps to optimize the balance between risk and return, and to create and protect value for the organization and its stakeholders.The other options are not the highest priority when developing a risk response, because they do not address the fundamental question of whether the risk response is suitable and acceptable for the organization.The risk response addresses the risk with a holistic view means that the risk response considers the interrelationships and dependencies among the risk sources, events, impacts, and responses, and the potential secondary and residual effects of the risk response. This is important to ensure that the risk response is comprehensive and effective, and that it does not create new or unintended risks, but it is not the highest priority when developing a risk response, because it does not indicate whether the risk response is aligned with the organization's risk appetite.The risk response is based on a cost-benefit analysis means that the risk response compares the expected costs and benefits of implementing the risk response, and selects the risk response that provides the most favorable net outcome. This is important to ensure that the risk response is efficient and economical, and that it maximizes the return on investment, but it is not the highest priority when developing a risk response, because it does not indicate whether the risk response is aligned with the organization's risk appetite. The risk response is accounted for in the budget means that the risk response is included in the financial plan and allocation of resources for the organization or the project. This is important toensure that the risk response is feasible and realistic, and that it has the necessary funding and support, but it is not the highest priority when developing a risk response, because it does not indicate whether the risk response is aligned with the organization's risk appetite. References =ISACA, CRISC Review Manual, 7th Edition, 2022, pp. 29-30, 34-35, 38-39, 44-45, 50-51, 54-55ISACA, CRISC Review Questions, Answers & Explanations Database, 2022, QID 147
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