Isaca Certification CRISC Release Date

The most important consideration when selecting either a qualitative or quantitative risk analysis is the time available for risk analysis, as this affects the level of detail and accuracy that can be achieved in the risk assessment process. Qualitative risk analysis is a method that uses subjective judgments and ratings to measure and prioritize the risks based on their likelihood and impact, as well as other factors such as urgency, velocity, and persistence. Qualitative risk analysis is usually faster and simpler than quantitative risk analysis, but it may also be less precise and consistent. Quantitative risk analysis is a method that uses numerical data and mathematicalmodels to measure and prioritize the risks based on theirprobability and magnitude, as well as other factors such as frequency, duration, and correlation. Quantitative risk analysis is usually more complex and time-consuming than qualitative risk analysis, but it may also provide more objective and reliable results. The other options are not the most important considerations when selecting either a qualitative or quantitative risk analysis, although they may have some influence or relevance. Expertise in both methodologies is desirable, but it does not determine the choice of the risk analysis method, as it depends on the availability and suitability of the experts for the specific risk context and objectives. Maturity of the risk management program is important, but it does not dictate the choice of the risk analysis method, as it depends on the level of integration and alignment of the risk management activities with the enterprise’s strategy and goals. Resources available for data analysis are relevant, but they do not decide the choice of the risk analysis method, as they depend on the quality and availability of the data sources and tools for the risk assessment process. References = Risk and Information Systems Control Study Manual, Chapter 3: IT Risk Assessment, page 81.ST

Cyber risk insurance is a type of insurance policy that provides coverage against losses and damages caused by cyber incidents such as data breaches, hacking, and other cyber attacks. When an organization decides to purchase cyber risk insurance, it transfers the risk of financial loss due to a cyber incident to the insurance company. In the scenario described in the question, the organization allowed its cyber risk insurance to lapse while seeking a new insurance provider. This means that the organization is currently not covered by any cyber risk insurance policy and is therefore exposed to financial losses due to cyber incidents. The risk practitioner should report to management that the risk has been accepted. Accepting risk means that the organization is aware of the potential consequences of the risk and has decided not to take any action to mitigate, transfer, or avoid it. The other options are not correct because they do not reflect the current situation of the organization. The organization has not transferred the risk to another party, as it has no cyber risk insurance policy in place. The organization has not mitigated the risk, as it has not implemented anycontrols or measures to reduce the likelihood or impact of the risk. The organization has not avoided the risk, as it has not eliminated the source or cause of the risk or changed its activities to prevent the risk from occurring. References = CRISC Review Manual, pages 32-331; CRISC Review Questions, Answers & Explanations Manual, page 752

A security policy exception is a deviation from the established security policy that is granted to an individual or a group for a specific purpose or period of time. A security policy exception may be necessary when the security policy is too restrictive, outdated, or incompatible with the business requirements or objectives. However, a security policy exception also introduces a risk to the organization, as it may weaken the security posture, expose the organization to threats orvulnerabilities, or violate the compliance or regulatory obligations. Therefore, an upward trend in the number of security policy exceptions approved should be of most concern, as it indicates that the security policy is not effective or aligned with the organization’s needs and goals, and that the organization is accepting more risk than desired. The other options are not as concerning as the number of security policy exceptions approved, because they do not imply a direct or immediate risk to the organization, but rather reflect the normal or expected activities of the security management process, as explained below:

A. Number of business change management requests is a metric that measures the volume and frequency of the requests to modify the business processes, systems, or functions. An upward trend in this metric may indicate that the organization is undergoing a transformation, innovation, or improvement, which may have positive or negative impacts on the organization’s performance and security. However, this metric does not necessarily imply a risk to the organization, as the change management requests may be properly assessed, approved, and implemented, following the established change management procedures and controls.

B. Number of revisions to security policy is a metric that measures the amount and extent of the changes made to the security policy over time. An upward trend in this metric may indicate that the security policy is being updated, refined, or enhanced, which may improve or maintain the security posture and compliance of the organization. However, this metric does not necessarily imply a risk to the organization, as the revisions to the security policy may be based on the best practices, standards, and expectations for security management, and may be communicated and enforced effectively across the organization.

D. Number of changes to firewall rules is a metric that measures the number and type of the modifications made to the firewall configuration, which controls the incoming and outgoing network traffic based on predefined rules. An upward trend in this metric may indicate that the firewall is being adjusted, optimized, or customized, which may increase or decrease the firewall performance and security. However, this metric does not necessarily imply a risk to the organization, as the changes to the firewall rules may be justified, authorized, and validated,following the established firewall management procedures and controls. References = Risk and Information Systems Control Study Manual, Chapter 4, Section 4.2.1, page 115. Security Policy Exceptions: What Are They and How to Manage Them, Security Policy Exceptions: How to Handle Them in a Secure Manner, Security Policy Exceptions: A Necessary Evil?

An IT risk register is a document that records and tracks the IT risks that have been identified and assessed by the risk practitioner. It contains information such as the risk description, the risk owner, the risk level, the risk response, the risk status, and the risk monitoring and reporting activities. An IT risk register is a dynamic document that needs to be updated regularly to reflect the changes in the IT environment and the risk landscape. When a software upgrade renders an existing key control ineffective, the risk practitioner should update the IT risk register to indicate the new risk level, the new risk response, and the new risk monitoring and reporting activities. This will ensure that the IT risk register remains accurate, relevant, and useful for IT risk management. Updating the IT risk register is more important than updating the audit engagement letter, the risk profile, or the change control documentation, because the IT risk register is the primary source of information and guidance for managing IT risks. The audit engagement letter is a formal agreement between the auditor and the auditee that defines the scope, objectives, and terms of the audit. The risk profile is a summary of the organization’s risk appetite, risk tolerance, and risk exposure. The change control documentation is a record of the changes that have been made to the IT systems and processes. These documents are important for IT risk management, but they are not as critical as the IT risk register for updating when a key controlbecomes ineffective. References = Risk and Information Systems Control Study Manual, Chapter 2: IT Risk Assessment, Section 2.4: Risk Register, pp. 69-711