CRISC Exam Results

A primary benefit of engaging the risk owner during the risk assessment process is prioritization of risk action plans across departments, because this helps to ensure that the most critical and relevant risks are addressed first, and that the resources and efforts are allocated and coordinated efficiently and effectively. A risk owner is the person or group who is responsible for the day-to-day management and mitigation of a specific risk, and who has the authority and accountability to make risk-related decisions. A risk assessment is the process of identifying, analyzing, and evaluating the risks that may affect the organization’s objectives, performance, or value. A risk action plan is the set of actions and tasks that are designed and implemented to reduce the likelihood and impact of a risk, or to exploit the opportunities that a risk may create. By engaging the risk owner during the risk assessment process, the organization can benefit from the following advantages:

The risk owner can provide valuable input and feedback on the risk identification, analysis, and evaluation, based on their knowledge, experience, and perspective of the risk and its context.

The risk owner can help to develop and implement the risk action plan, based on their understanding of the risk objectives, expectations, and outcomes, and their ability to influence and control the risk factors and sources.

The risk owner can help to prioritize the risk action plan, based on their assessment of the risk severity, urgency, and importance, and their consideration of the costs, benefits, and feasibility of the risk actions.

The risk owner can help to coordinate the risk action plan across departments, by communicating and collaborating with other risk owners, stakeholders, and resources, and by aligning and integrating the risk actions with the organization’s strategy, processes, and culture. References = Risk Owners — What Do They Do1

The organization’s risk appetite and tolerance are the most important topics to cover in a risk awareness training for senior management. Risk appetite is the amount and type of risk that an organization is willing to accept in pursuit of its objectives. Risk tolerance is the level of variation from the risk appetite that the organization is prepared to accept. Senior management plays a key role in defining and communicating the risk appetite and tolerance, as well asensuring that they are aligned with the organization’s strategy, culture, and values. By covering these topics in the training session, the risk practitioner can help senior management understand and articulate the risk preferences and boundaries of the organization, as well as monitor and adjust them as needed. The other options are not the most important topics to cover in a risk awareness training for senior management, although they may be relevant and useful. The organization’s strategic risk management projects are specific initiatives or activities that aim to identify, assess, and treat risks that may affect the organization’s objectives. Senior management roles and responsibilities are the duties and expectations that senior management has in relation to risk management, such as providing leadership, oversight, and support. Senior management allocation of risk management resources is the process of assigning and prioritizing the human, financial, and technical resources that are needed to implement and maintain risk management activities. These topics are more operational and tactical than strategic and may vary depending on the context and scope of the risk management function. References = CRISC Review Manual, pages 40-411; CRISC Review Questions, Answers & Explanations Manual, page 732

A threat risk assessment will best quantify the risk associated with malicious users in an organization, because it focuses on identifying and evaluating the potential sources of harm or damage to the organization’s assets, such as data, systems, or networks. A malicious user is a person who intentionally and unauthorizedly accesses, modifies, destroys, or steals the organization’s information or resources, for personal gain, revenge, espionage, or sabotage. A threat risk assessment can help the organization to estimate the likelihood and impact of malicious user attacks, based on factors such as the user’s motivation, capability, opportunity, and access level. A threat risk assessment can also help the organization to determine the appropriate risk response strategies, such as prevention, detection, mitigation, or transfer, to reduce the risk exposure and impact of malicious user attacks. References = Risk IT Framework, ISACA, 2022, p. 141

According to the CRISC Review Manual (Digital Version), the organization’s culture is the most important factor affecting risk management in an organization, as it influences the risk awareness, risk attitude, risk behavior and risk communication of all stakeholders. The organization’s culture is defined as the shared values, beliefs, norms and expectations that guide the actions and interactions of the members of the organization. The organization’s culture affects how risk management is perceived, supported, implemented and integrated within the organization. A strong risk culture is one that:

Aligns with the organization’s vision, mission, strategy and objectives

Promotes a common understanding of risk and its implications for the organization

Encourages the identification, assessment, response and monitoring of risks at all levels

Fosters a proactive, collaborative and transparent approach to risk management

Empowers and rewards the stakeholders for taking ownership and accountability of risks

Enables continuous learning and improvement of risk management capabilities and maturity

References = CRISC Review Manual (Digital Version), Chapter 1: IT Risk Identification, Section 1.3: IT Risk Culture, pp. 23-251