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Free CRISC Exam Braindumps (page: 71)

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Suppose you are working in Company Inc. and you are using risk scenarios for estimating the likelihood and impact of the significant risks on this organization. Which of the following assessment are you doing?

  1. IT security assessment
  2. IT audit
  3. Threat and vulnerability assessment
  4. Risk assessment

Answer(s): D



You are the project manager of the PFO project. You are working with your project team members and two subject matter experts to assess the identified risk events in the project. Which of the following approaches is the best to assess the risk events in the project?

  1. Interviews or meetings
  2. Determination of the true cost of the risk event
  3. Probability and Impact Matrix
  4. Root cause analysis

Answer(s): A

Explanation:

Risk probability and assessment is completed through interviews and meetings with the participants that are most familiar with the risk events, the project work, or have other information that can help determine the affect of the risk.

Incorrect Answers:
B: The true cost of the risk event is not a qualitative risk assessment approach. It is often done during the quantitative risk analysis process.

C: The probability and impact matrix is a tool and technique to prioritize the risk events, but it's not the best answer for assessing risk events within the project.

D: Root cause analysis is a risk identification technique, not a qualitative assessment tool.



Which of the following is BEST described by the definition below?

"They are heavy influencers of the likelihood and impact of risk scenarios and should be taken into account during every risk analysis, when likelihood and impact are assessed."

  1. Obscure risk
  2. Risk factors
  3. Risk analysis
  4. Risk event

Answer(s): B

Explanation:

Risk factors are those features that influence the likelihood and/or business impact of risk scenarios. They have heavy influences on probability and impact of risk scenarios. They should be taken into account during every risk analysis, when likelihood and impact are assessed.

Incorrect Answers:
A: The enterprise must consider risk that has not yet occurred and should develop scenarios around unlikely, obscure or non-historical events.

Such scenarios can be developed by considering two things: Visibility
Recognition

For the fulfillment of this task enterprise must:
Be in a position that it can observe anything going wrong
Have the capability to recognize an observed event as something wrong

C: A risk analysis involves identifying the most probable threats to an organization and analyzing the related vulnerabilities of the organization to these threats. A risk from an organizational perspective consists of:
Threats to various processes of organization. Threats to physical and information assets. Likelihood and frequency of occurrence from threat. Impact on assets from threat and vulnerability.

Risk analysis allows the auditor to do the following tasks:
Identify threats and vulnerabilities to the enterprise and its information system. Provide information for evaluation of controls in audit planning.
Aids in determining audit objectives. Supporting decision based on risks.

D: A risk event represents the situation where you have a risk that only occurs with a certain probability and where the risk itself is represented by a specified distribution.



Which of the following processes is described in the statement below?
"It is the process of implementing risk response plans, tracking identified risks, monitoring residual risk, identifying new risks, and evaluating risk process effectiveness throughout the project."

  1. Perform Quantitative Risk Analysis
  2. Monitor and Control Risks
  3. Identify Risks
  4. Perform Qualitative Risk Analysis

Answer(s): B

Explanation:

Monitor and Control Risk is the process of implementing risk response plans, tracking identified risks, monitoring residual risk, identifying new risks, and evaluating risk process effectiveness throughout the project. It can involve choosing alternative strategies, executing a contingency or fallback plan, taking corrective action, and modifying the project management plan.

Incorrect Answers:
B: This is the process of numerically analyzing the effect of identified risks on overall project objectives.

C: This is the process of determining which risks may affect the project and documenting their characteristics.

D: This is the process of prioritizing risks for further analysis or action by accessing and combining their probability of occurrence and impact.






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