CRISC Leak Questions

Business impact analysis (BIA) is a process that involves analyzing the potential consequences of an IT risk event on the organization’s critical business functions and processes. BIA can help to understand the severity and duration of the disruption, the financial and operational losses, the recovery time objectives, and the recovery point objectives. BIA can also help to prioritize the recovery activities and resources, as well as to determine the acceptable level of risk and the risk mitigation strategies. BIA is the most helpful tool to understand the consequences of an IT risk event, as it provides a comprehensive and quantitative assessment of the impact and the recovery requirements. References = Risk and Information Systems Control Study Manual, Chapter 4, Section 4.4.2, p. 206-207

 The main benefit of involving stakeholders in the selection of key risk indicators (KRIs) is improving risk awareness, as it helps to communicate the risk exposure, appetite, and tolerance of the organization to the relevant parties. KRIs are metrics that provide information on the level of exposure to a given operational risk1. By involving stakeholders in the selection of KRIs, the risk practitioner can ensure that the KRIs are aligned with the stakeholder expectations, needs, and objectives, and that they reflect the most significant risks that affect the organization. This also helps to foster a risk culture and a shared understanding of risk among the stakeholders, which can enhance the risk management process and performance. The other options are not the main benefit of involving stakeholders in the selection of KRIs, although they may be some of the outcomes or advantages of doing so. Obtaining buy-in from risk owners, leveraging existing metrics, and optimizing risk treatment decisions are all important aspects of risk management, but they are not the primary reason for involving stakeholders in the selection of KRIs. References = Key Risk Indicators; Key Risk Indicators: A Practical Guide; The 10 Types of Stakeholders That You Meet in Business; What are Stakeholders? Stakeholder Definition | ASQ

According to the CRISC Review Manual (Digital Version), periodically reviewing controls per the risk treatment plan would best help to ensure that identified risk is efficiently managed, as it involves verifying the effectiveness and efficiency of the implemented risk response actions and identifying any gaps or changes in the risk profile. Periodically reviewing controls per the risk treatment plan helps to:

Confirm that the controls are operating as intended and producing the desired outcomes

Detect any deviations, errors, or weaknesses in the controls and their performance

Evaluate the adequacy and appropriateness of the controls in relation to the current risk environment and the organization’s risk appetite and risk tolerance

Recommend and implement corrective actions or improvement measures to address any issues or deficiencies in the controls

Update the risk register and the risk treatment plan to reflect the current risk status and the residual risk levels

References = CRISC Review Manual (Digital Version), Chapter 4: IT Risk Monitoring and Reporting, Section 4.1: IT Risk Monitoring, pp. 215-2161

According to the CRISC Review Manual, the most important reason for implementing change control procedures is to ensure that only approved changes are implemented, because it helps to prevent or minimize the risk of unauthorized or unintended changes that may affect the stability, security, or performance of the IT systems and processes. Change control procedures are the steps and activities that are followed to manage the initiation, review, approval, implementation, and verification of changes. Change control procedures also help to ensure that the changes are aligned with the business requirements and objectives, and that the changes are documented and communicated to the stakeholders. The other options are not the most important reason for implementing change control procedures, as they are related to other benefits or outcomes of the change control process. Timely evaluation of change events is the reason for implementing change management, which is the process of identifying, analyzing, and responding to the changes that may affect the IT systems and processes. An audit trail is the outcome of implementing change control procedures, as it provides a record of the changes and their impacts. Logging emergency changes is the exception of implementing change control procedures, as it allows for bypassing the normal approval process in case of urgent or critical changes. References = CRISC Review Manual, 7th Edition, Chapter 4, Section 4.2.1, page 177.