Which of the following is the BEST control to minimize the risk associated with scope creep in software development?
Answer(s): A
The best control to minimize the risk associated with scope creep in software development is an established process for project change management. Scope creep is the uncontrolled expansion of the project scope due to changes in requirements, specifications, or expectations. A project change management process can help to prevent or reduce scope creep by defining the procedures for requesting, reviewing, approving, and implementing changes in the project. Retention of test data and results, business management review of functional requirements, and segregation between development, test, and production are other possible controls, but they are not as effective as a project change management process. References = ISACA Certified in Riskand Information Systems Control (CRISC) Certification Exam Question and Answers, question 11; CRISC Review Manual, 6th Edition, page 144.
The MOST effective approach to prioritize risk scenarios is by:
The most effective approach to prioritize risk scenarios is by assessing the impact to the strategic plan, because this will help to align the risk management process with the organization's vision, mission, and goals. The strategic plan is the document that defines the organization's direction, priorities, and objectives, and guides the allocation of resources and efforts. By assessing theimpact to the strategic plan, the organization can determine which risk scenarios pose the greatest threat or opportunity to the achievement of the strategic objectives, and prioritize them accordingly. The other options are not as effective as assessing the impact to the strategic plan, because they do not directly relate to the organization's specific context, needs, and expectations, as explained below:B . Aligningwith industry best practices is an approach that involves following the standards, norms, and expectations for risk management that are established and followed by the peers or competitors in the same industry or sector. Aligning with industry best practices can help to benchmark and compare the organization's risk management performance and maturity, and identify areas for improvement or innovation. However, this approach is not as effective as assessing the impact to the strategic plan, because it does not account for the organization's unique and customized risk scenarios, which may differ from the industry average or standard.C . Soliciting input from risk management experts is an approach that involves seeking advice, guidance, or feedback from the professionals or specialists who have the knowledge, experience, or skills in risk management. Soliciting input from risk management experts can help to enhance the quality and validity of the risk analysis and evaluation, and provide insights and recommendations for risk mitigation. However, this approach is not as effective as assessing the impact to the strategic plan, because it does not reflect the organization's risk appetite, preferences, and expectations, which may differ from the risk management experts' opinions or perspectives.D . Evaluating the cost of risk response is an approach that involves estimating the resources and efforts required to implement the risk response strategies, such as avoiding, reducing, transferring, or accepting the risk. Evaluating the cost of risk response can help to optimize the risk management efficiency and effectiveness, and balance the potential benefits and costs of taking risks. However, this approach is not as effective as assessing the impact to the strategic plan,because it does not consider the potential consequences and outcomes of the risk scenarios, which may affect the organization's performance and reputation. References = Risk and Information Systems Control Study Manual, Chapter 2, Section 2.3.1, page 45. TheUltimate Guide to Risk Prioritization - Hyperproof, Risk Prioritization: What Is It? [2021 Guide & Matrix] - ERM Software, What is Risk Prioritization | Centraleyes, Scenario Planning in Risk Management: Why It is Needed - SmartCompliance
Which of the following is MOST important to update following a change in organizational risk appetite and tolerance?
Answer(s): C
The risk profile is the most important document to update following a change in organizational risk appetite and tolerance, because it summarizes the current and target state of the organization's risk exposure, as well as the risk response strategies and actions. The risk profile should reflect the alignment of the organization's risk appetite and tolerance with its strategic objectives and operational capabilities. Updating the risk profile will help the organization to monitor and manage its risks effectively and efficiently.References·ISACA CRISC Review Manual, 7th Edition, Domain 1: IT Risk Identification, Section 1.2.1: Risk Profile·Risk Profile - ISACA·What is a Risk Profile? Definition, Examples, and More
A risk practitioner has learned that an effort to implement a risk mitigation action plan has stalled due to lack of funding. The risk practitioner should report that the associated risk has been:
Answer(s): D
The risk practitioner should report that the associated risk has been deferred, as this means that the risk response has been postponed or delayed due to lack of resources or other constraints. Deferring a risk response implies that the risk owner acknowledges the risk and intends to implement the risk mitigation action plan at a later stage, when the resources or conditions are available. The other options are not correct, as they do not reflect the actual status of the risk response. Mitigating a risk means that the risk response has been implemented and the risk level has been reduced. Accepting a risk means that the risk response has been rejected or waived, and the risk level has been accepted as it is. Avoiding a risk means that the risk response has beenimplemented and the risk level has been eliminated or transferred. References = Risk and Information Systems Control Study Manual, Chapter 4:Risk Response, page 146.
Which of the following scenarios is MOST important to communicate to senior management?
The scenario that is most important to communicate to senior management is the accepted risk scenarios with impact exceeding the risk tolerance, as it indicates a significant risk issue or breach that may affect the achievement of the organizational objectives, and may require a review or escalation action. The other options are not the most important scenarios, as they may not indicate a risk issue or breach, but rather a risk monitoring, sharing, or management activity, respectively, that may not affect the organizational objectives directly or significantly. References = CRISC Review Manual, 7th Edition, page 109.
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