Pass CRISC Exam Guide

The primary reason for sharing risk assessment reports with senior stakeholders is to support decision-making for risk response. Risk assessment reports are documents that summarize the results of the risk assessment process, such as the risk sources, causes, impacts, likelihood, and levels. Risk assessment reports also provide recommendations for risk response options, such as avoiding, reducing, transferring, or accepting the risk. Sharing risk assessment reports with senior stakeholders helps to inform them of the current risk situation, and to solicit their input, feedback, or approval for the risk response actions. The other options are not the primary reason for sharing risk assessment reports, although they may be secondary reasons or outcomes. References = Risk and Information Systems Control Study Manual, Chapter 4, Section 4.2.1, page 4-13.

 The most important consideration when communicating the risk associated with technology end-of-life to business owners is the cost and benefit of the risk response options. Technology end-of-life is the situation when a technology product or service is no longer supported by the vendor or manufacturer, and may pose security, compatibility, or performance issues. The risk practitioner should communicate the cost and benefit of the possible risk responses, such as replacing, upgrading, or maintaining the technology, to the business owners, and help them to make informed and rational decisions. Security and availability, maintainability and reliability, and performance and productivity are other possible considerations, but they are not as important as the cost and benefit. References = ISACA Certified in Risk and Information Systems Control (CRISC) Certification Exam Question and Answers, question 8; CRISC Review Manual, 6th Edition, page 97.

 A risk register is a tool that records and tracks the information about the identified risks, such as the risk description, category, owner, probability, impact, response strategy, status, and action plan. Reviewing the risk register is the best way to help an organization gain insight into its overall risk profile, which is the summary of the nature and level of risk that the organization faces. By reviewing the risk register, the organization can obtain a comprehensive and holistic view of the sources, causes, and consequences of the risks, their likelihood and impact, their interrelationships and dependencies, and their alignment with therisk appetite and tolerance. The risk register can also help the organization to prioritize the risks, allocate the resources, select the risk responses, monitor the risk performance, and evaluate the risk outcomes. References = CRISC Review Manual, 7th Edition, page 99.

 The control environment is the set of standards, processes, and structures that provide the basis for carrying out internal control across the organization. The control environment is most effective when the controls perform as intended, meaning that they achieve their objectives, mitigate the risks, and comply with the policies and regulations. The other options are desirable attributes of the controls, but they do not necessarily indicate the effectiveness of the control environment. References = Risk and Information Systems Control Study Manual, Chapter 2: IT Risk Assessment, Section 2.3: IT Control Assessment, page 69.