A peer review of a risk assessment finds that a relevant threat community was not included. Mitigation of the risk will require substantial changes to a software application. Which of the following is the BEST course of action?
Answer(s): D
Determining the impact of the missing threat is the best course of action for a peer review of a risk assessment, as it helps to assess the potential consequences and severity of the threat on the information system and the business objectives. Determining the impact of the missing threat is a process of estimating and quantifying the possible harm or loss that could result from the occurrence of the threat event, such as data breach, system failure, or service disruption. Determining the impact of the missing threat can help to:Identify and prioritize the critical assets, processes, and functions that could be affected by the threatEvaluate and measure the extent and magnitude of the damage or disruption caused by the threatAnalyze and compare the current and residual risk levels and control effectiveness Develop and implement appropriate risk response and mitigation strategies and actions Communicate and report the risk exposure and status to the relevant stakeholders Determining the impact of the missing threat is an essential step to ensure the completeness and accuracy of the risk assessment and to improve the quality and reliability of the risk management and control processes.The other options are not the best courses of action for a peer review of a risk assessment. Asking the business to make a budget request to remediate the problem is a possible action to allocate the resources and costs for the risk mitigation, but it does not address the root cause or the severity of the problem. Building a business case to remediate the fix is a possible action to justify and support the risk mitigation, but it does not provide a clear and comprehensive analysis of the problem. Researching the types of attacks the threat can present is a possible action to understand and anticipate the threat scenarios andtechniques, but it does not evaluate the actual or potential impact of the threat. References = Risk Assessment and Analysis Methods: Qualitative and Quantitative, IT Risk Resources | ISACA, Peer Review Assessment Framework
When reviewing a report on the performance of control processes, it is MOST important to verify whether the:
Answer(s): C
When reviewing a report on the performance of control processes, it is most important to verify whether the residual risk objectives have been achieved, as this indicates the extent to which the control processes have reduced the risk to an acceptable level. Residual risk is the risk that remains after the implementation of controls, and it should be aligned with the risk appetite and tolerance of the enterprise. Business process objectives, regulatory standards, and control process design are not the most important factors to verify,as they do not directly measure the effectiveness and efficiency of the control processes in managing the risk. References = CRISCPractice Quiz and Exam Prep; CRISC: Certified in Risk & Information Systems Control Sample Questions, question 209.
Which of the following changes would be reflected in an organization's risk profile after the failure of a critical patch implementation?
Answer(s): B
A critical patch is a software update that fixes a security vulnerability or a bug that may affect the performance, functionality, or reliability of a system or a network. A critical patch implementation is a process that applies the software update to the system or network in a timely and effective manner. The failure of a critical patch implementation is a situation where the software update is not applied or not applied correctly, which may expose the system or networkto various threats, such as data theft, data corruption, data leakage, or denial of service. The failure of a critical patch implementation would be reflected in an organization's risk profile by increasing the residual risk. Residual risk is the risk that remains after the risk response, which means the risk that is not avoided, transferred, or mitigated by the existing controls or measures. The failure of a critical patch implementation would increase the residual risk, as it would reduce the effectiveness or efficiency of the existing controls or measures that are supposed to address the security vulnerability or the bug. The failure of a critical patch implementation would also increase the likelihood or impact of the potential threats, as well as the exposure or consequences of the system or network. The other options are not the correct changes that would be reflected in an organization's risk profile after the failure of a critical patch implementation, although they may be affected or related. Risk tolerance is the degree of variation from the risk appetite that the organization is not willing to accept. Risk tolerance may be decreased by the failure of a critical patch implementation, as the organization may become more cautious or conservative in accepting the risk, but it is not a direct or immediate change in the risk profile. Inherent risk is the risk that exists in the absence of any controls or measures, which means the risk that is inherent to the system or network or the environment. Inherent risk may be increased by the failure of a critical patch implementation, as the system or network may become more vulnerable or susceptible to the threats, but it is not a change in the risk profile, as the risk profile considers the existing controls or measures. Risk appetite is the amount and type of risk that the organization is willing to accept in pursuit of its objectives. Risk appetite may be decreasedby the failure of a critical patch implementation, as the organization may become less willing orable to accept the risk, but it is not a change in the risk profile, as the risk profile reflects the actual or current risk level, not the desired or expected risk level. References = CRISC Review Manual, pages 32-331; CRISC Review Questions, Answers & Explanations Manual, page 972; What is a Critical Patch? - Definition from Techopedia3; What is Residual Risk? - Definition from Techopedia4
Optimized risk management is achieved when risk is reduced:
Optimized risk management is achieved when risk is reduced to meet risk appetite, which is the amount and type of risk that an organization is willing to accept in pursuit of its objectives. Risk appetite reflects the strategic goals and priorities of the organization, as well as its risk culture and tolerance. Reducing risk with strategic initiatives, within resource availability, or below risk appetite are all possible approaches, but they do not necessarily optimize risk management, as they may result in over- or under-investment in risk mitigation, or misalignment with business objectives. References = Risk and Information Systems Control Study Manual, Chapter 2, Section 2.2.2, page 47
Which of the following is the PRIMARY reason for a risk practitioner to review an organization's IT asset inventory?
Understanding vulnerabilities associated with the use of the assets is the primary reason for a risk practitioner to review an organization's IT asset inventory, as it helps to identify and assess the potential threats and risks to the assets. The other options are not the primary reasons for a risk practitioner to review an organization's IT asset inventory, although they may be related to the process.
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