IT-Risk-Fundamentals Exam Dumps : IT Risk Fundamentals Certificate Exam

The most likely reason to exclude control deficiencies from an IT risk register is that they have already been resolved. The risk register should focus on current risks that require attention or action.

While deficiencies with no business relevance (A) might be lower priority, they could still be relevant to the risk register. Actual misconfigurations (B) are definitely relevant and should be included.

The objective of a frequency analysis is to determine how often a particular risk scenario might be expected to occur during a specified period of time. Here’s the explanation:

To Determine How Often Risk Mitigation Strategies Should Be Evaluated and Updated Within a Specific Timeframe: This pertains to the management and updating of mitigation strategies, not the core purpose of frequency analysis.

To Determine How Many Risk Scenarios Will Impact Business Objectives Over a Given Period of Time: This relates to impact analysis rather than frequency analysis. Frequency analysis focuses on the likelihood of specific events.

To Determine How Often a Particular Risk Scenario Might Be Expected to Occur During a Specified Period of Time: This is the primary objective of frequency analysis. It involves calculating the probability of specific risk events occurring within a certain timeframe, helping organizations understand and prepare for potential occurrences.

Therefore, the main objective of frequency analysis is to determine the expected occurrence rate of specific risk scenarios within a given period.

References:

ISA 315 Anlage 5 and 6: Detailed guidelines on risk assessment and analysis methodologies​​​​.

ISO-27001 and GoBD standards for risk management and business impact analysis​​​​.

These references provide a comprehensive understanding of the principles and methodologies involved in IT risk and audit processes.

 Context of Multi-Factor Authentication:

Multi-Factor Authentication (MFA) adds layers of security and significantly reduces cybersecurity risks by requiring multiple forms of verification before granting access.

 Understanding Residual Risk:

Residual risk is the remaining risk after controls have been implemented. If the risk assessment shows that the residual risk is within the organization’s risk appetite, it means the organization is willing to accept this level of risk.

 Risk Response Strategies:

Accept: Recognize the risk and do not take any further action to mitigate it because it is within acceptable limits.

Mitigate: Take additional measures to further reduce the risk, which is unnecessary if it is already within acceptable levels.

Transfer: Shift the risk to another party, such as through insurance, which might be unnecessary if the risk is already acceptable.

 Conclusion:

Since the residual risk is within the organization’s risk appetite, the appropriate action is to Accept this residual risk, indicating no further mitigation is needed.