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 Risk management strategies are primarily adopted to achieve acceptable residual risk levels, which are the levels of risk that remain after applying risk response measures. Risk management strategies are the approaches or methods that an organization uses to identify, assess, and treat its IT-related risks. Risk management strategies can vary depending on the organization’s risk appetite, tolerance, and capacity, as well as the nature and impact of the risks. Some common risk management strategies are: avoid, reduce, transfer, share, or accept. The other options are not as primary, as they are more related to the outcomes or objectives of risk management strategies, rather than the purpose or intention of them. References: : CGEIT Review Manual (Digital Version), Chapter 4: Risk Optimization, Section 4.3: IT Risk Management, Subsection 4.3.1: IT Risk Management Overview, Page 153 : CGEIT Review Manual (Digital Version), Chapter 4: Risk Optimization, Section 4.3: IT Risk Management, Subsection 4.3.2: IT Risk Management Process, Page 156 : CGEIT Review Manual (Digital Version), Chapter 4: Risk Optimization, Section 4.3: IT Risk Management, Subsection 4.3.3: IT Risk Management Techniques and Tools, Page 158 : Proactive IT Risk Management in an Era of Emerging Technologies1

 The CIO should reevaluate the current IT strategy in light of the senior management’s decision to expand offshoring to include IT services. This means that the CIO should assess the impact of offshoring on the existing IT objectives, plans, resources, capabilities, risks, and performance. The CIO should also consider the potential benefits and challenges of offshoring IT services,such as cost reduction, access to talent, quality assurance, communication, coordination, and security. The CIO should then revise the current IT strategy to align with the enterprise’s offshoring strategy and goals, and communicate the changes to the relevant stakeholders

Requesting an IT security assessment to identify the main security gaps is the IT governance board’s first course of action, as it helps to understand the root causes and the extent of the information security incidents that have affected the enterprise’s business reputation. An IT security assessment can also provide recommendations and best practices for improving thesecurity posture and reducing the risks of future incidents12. References := CGEIT Exam Content Outline, Domain 4, Subtopic B: IT Risk Management, Task 1: Ensure that an IT risk management framework exists to identify, analyze, mitigate, manage, monitor, and communicate IT-related business risk, and that the framework for IT risk management is in alignment with the enterprise risk management (ERM) framework.

Before implementing an information architecture that restricts access to data based on sensitivity, the enterprise must establish the classification and ownership of the data. Classification is the process of tagging data according to its type, sensitivity, and value to the organization if altered, stolen, or destroyed. It helps the organization understand the risk and impact of data breaches and comply with relevant regulations. Ownership is the process of assigning roles andresponsibilities for data creation, maintenance, protection, and disposal. It helps the organization ensure accountability and governance of data throughout its lifecycle