2024 New Training Course CRISC Tutorial Preparation Guide
Dumps of CRISC Cover all the requirements of the Real Exam
NEW QUESTION # 62
You are the project manager of the PFO project. You are working with your project team members and two subject matter experts to assess the identified risk events in the project. Which of the following approaches is the best to assess the risk events in the project?
- A. is incorrect. The probability and impact matrix is a tool and technique to prioritize the
risk events, but it's not the best answer for assessing risk events within the project. - B. Explanation:
Risk probability and assessment is completed through interviews and meetings with the
participants that are most familiar with the risk events, the project work, or have other information
that can help determine the affect of the risk. - C. Probability and Impact Matrix
- D. Root cause analysis
- E. is incorrect. The true cost of the risk event is not a qualitative risk assessment approach.
It is often done during the quantitative risk analysis process. - F. Determination of the true cost of the risk event
- G. Interviews or meetings
Answer: G
Explanation:
is incorrect. Root cause analysis is a risk identification technique, not a qualitative
assessment tool.
NEW QUESTION # 63
Which of the following is MOST helpful in providing a high-level overview of current IT risk severity*?
- A. heat map
- B. Risk appetite statement
- C. Key risk indicators (KRls)
- D. Risk mitigation plans
Answer: A
NEW QUESTION # 64
You work as the project manager for Company Inc. The project on which you are working has several risks that will affect several stakeholder requirements. Which project management plan will define who will be available to share information on the project risks?
- A. Risk Management Plan
- B. is incorrect. The stakeholder management strategy does not address risk
communications. - C. Communications Management Plan
- D. Stakeholder management strategy
- E. Resource Management Plan
- F. is incorrect. The Risk Management Plan deals with risk identification, analysis,
response, and monitoring. - G. Explanation:
The Communications Management Plan defines, in regard to risk management, who will be available to share information on risks and responses throughout the project. The Communications Management Plan aims to define the communication necessities for the project and how the information will be circulated. The Communications Management Plan sets the communication structure for the project. This structure provides guidance for communication throughout the project's life and is updated as communication needs change. The Communication Managements Plan identifies and defines the roles of persons concerned with the project. It includes a matrix known as the communication matrix to map the communication requirements of
the project.
Answer: C
Explanation:
is incorrect. The Resource Management Plan does not define risk communications.
NEW QUESTION # 65
You are the project manager of GHT project. You have identified a risk event on your project that could save $100,000 in project costs if it occurs. Which of the following statements BEST describes this risk event?
- A. This risk event should be mitigated to take advantage of the savings.
- B. This is a risk event that should be accepted because the rewards outweigh the threat to the project.
- C. This risk event is an opportunity to the project and should be exploited.
- D. This risk event should be avoided to take full advantage of the potential savings.
Answer: C
Explanation:
Explanation/Reference:
Explanation:
This risk event has the potential to save money on project costs, so it is an opportunity, and the appropriate strategy to use in this case is the exploit strategy. The exploit response is one of the strategies to negate risks or threats appear in a project. This strategy may be selected for risks with positive impacts where the organization wishes to ensure that the opportunity is realized. Exploiting a risk event provides opportunities for positive impact on a project. Assigning more talented resources to the project to reduce the time to completion is an example of exploit response.
Incorrect Answers:
A, C: Mitigation and avoidance risk response is used in case of negative risk events, and not in positive risk events. Here in this scenario, as it is stated that the event could save $100,000, hence it is a positive risk event. Therefore should not be mitigated or avoided.
B: To accept risk means that no action is taken relative to a particular risk; loss is accepted if it occurs. But as this risk event bring an opportunity, it should me exploited and not accepted.
NEW QUESTION # 66
A risk manager has determined there is excessive risk with a particular technology. Who is the BEST person to own the unmitigated risk of the technology?
- A. Chief risk officer
- B. Chief financial officer
- C. Business process owner
- D. IT system owner
Answer: D
Explanation:
Section: Volume D
NEW QUESTION # 67
Which of the following would be MOST beneficial as a key risk indicator (KRI)?
- A. Current capital allocation reserves
- B. Negative security return on investment (ROI)
- C. Project cost variances
- D. Annualized loss projections
Answer: D
NEW QUESTION # 68
Which of the following is the PRIMARY reason to adopt key control indicators (KCIs) in the risk monitoring and reporting process?
- A. To provide assessments of mitigation effectiveness
- B. To provide assurance of adherence to risk management policies
- C. To provide data for establishing the risk profile
- D. To provide measurements on the potential for risk to occur
Answer: A
Explanation:
Key control indicators (KCIs) are metrics that measure the performance and effectiveness of the controls that are implemented to mitigate the risks. KCIs can help to monitor the status and health of the controls, as well as to identify any issues or gaps that need to be addressed. The primary reason to adopt KCIs in the risk monitoring and reporting process is to provide assessments of mitigation effectiveness, meaning that they can help to evaluate how well the controls are reducing the risk exposure and achieving the desired outcomes.
KCIs can also help to support the risk management decision making and improvement actions, as well as to demonstrate the value and benefits of the controls. References = Risk and Information Systems Control Study Manual, Chapter 3, Section 3.3.1.2, p. 115-116
NEW QUESTION # 69
Which of the following is the BEST way to mitigate the risk associated with fraudulent use of an enterprise's brand on Internet sites?
- A. Scanning the Internet to search for unauthorized usage
- B. Developing training and awareness campaigns
- C. Utilizing data loss prevention (DLP) technology
- D. Monitoring the enterprise's use of the Internet
Answer: A
Explanation:
* Scanning the Internet for Unauthorized Usage:
* Proactive Detection: Continuously scanning the internet helps in identifying unauthorized use of the enterprise's brand, allowing for timely action to mitigate such activities.
* Protection of Brand Integrity: By detecting unauthorized usage early, the organization can take steps to protect its brand reputation and prevent potential misuse or fraud.
* Steps Involved:
* Automated Monitoring Tools: Use automated tools to scan websites, social media platforms, and other online spaces for unauthorized use of the brand.
* Incident Response: Develop a response plan to address incidents of unauthorized usage, including legal actions and takedown requests.
* Comparison with Other Options:
* Utilizing Data Loss Prevention (DLP) Technology: DLP focuses on preventing data breaches and leaks within the organization, not on monitoring external brand misuse.
* Monitoring the Enterprise's Use of the Internet: Internal monitoring does not address external unauthorized use of the brand.
* Developing Training and Awareness Campaigns: These are important for internal awareness but do not directly mitigate the risk of external fraudulent use.
* Best Practices:
* Regular Updates: Continuously update scanning tools and techniques to adapt to new methods of brand misuse.
* Legal Support: Ensure legal frameworks are in place to act quickly against unauthorized usage.
* CRISC Review Manual: Highlights the importance of proactive monitoring for brand protection and provides guidelines for effective implementation.
* ISACA Guidelines: Discuss the role of external monitoring in identifying and addressing unauthorized use of the organization's brand.
References:
NEW QUESTION # 70
Which of the following is the MOST effective way to integrate risk and compliance management?
- A. Embedding risk management into processes that are aligned with business drivers
- B. Designing corrective actions to improve risk response capabilities
- C. Embedding risk management into compliance decision-making
- D. Conducting regular self-assessments to verify compliance
Answer: A
NEW QUESTION # 71
The MOST effective way to increase the likelihood that risk responses will be implemented is to:
- A. create an action plan
- B. assign ownership
- C. perform regular audits
- D. review progress reports
Answer: B
Explanation:
Section: Volume D
NEW QUESTION # 72
Following an acquisition, the acquiring company's risk practitioner has been asked to update the organization's IT risk profile What is the MOST important information to review from the acquired company to facilitate this task?
- A. Risk disclosures in financial statements
- B. Internal and external audit reports
- C. Risk assessment and risk register
- D. Business objectives and strategies
Answer: C
Explanation:
The most important information to review from the acquired company to facilitate the task of updating the organization's IT risk profile is the risk assessment and risk register. The risk assessment is a process of identifying, analyzing, and evaluating the IT risks of the acquired company. The risk register is a document that records the details of the IT risks, such as their sources, causes, consequences, likelihood, impact, and responses. By reviewing the risk assessment and risk register, the risk practitioner can gain a comprehensive and accurate understanding of the IT risk profile of the acquired company, and integrate it with the IT risk profile of the acquiring organization. Internal and external audit reports, risk disclosures in financial statements, and business objectives and strategies are other possible sources of information, but they are not as important as the risk assessment and risk register. References = ISACA Certified in Risk and Information Systems Control (CRISC) Certification Exam Question and Answers, question 11; CRISC Review Manual,
6th Edition, page 144.
NEW QUESTION # 73
You are the project manager of GHT project. You are performing cost and benefit analysis of control. You come across the result that costs of specific controls exceed the benefits of mitigating a given risk. What is the BEST action would you choose in this scenario?
- A. The enterprise should exploit the risk.
- B. The enterprise may choose to accept the risk rather than incur the cost of mitigation.
- C. The enterprise may apply the appropriate control anyway.
- D. The enterprise should adopt corrective control.
Answer: B
Explanation:
Section: Volume A
Explanation:
If the costs of specific controls or countermeasures (control overhead) exceed the benefits of mitigating a given risk the enterprise may choose to accept the risk rather than incur the cost of mitigation. This is done according to the principle of proportionality described in:
* Generally accepted security systems principles (GASSP)
* Generally accepted information security principles (GAISP)
Incorrect Answers:
A: When the cost of specific controls exceeds the benefits of mitigating a given risk, then controls are not applied, rather risk is being accepted.
B: As the cost of control exceeds the benefits of mitigating a given risk, hence no control should be applied.
Corrective control is a type of control and hence it should not be adopted.
D: The risk is being exploited when there is an opportunity, i.e., the risk is positive. But here in this case, negative risk exists as it needs mitigation. So, exploitation cannot be done.
NEW QUESTION # 74
Which of the following would MOST likely cause a risk practitioner to reassess risk scenarios?
- A. A change in the risk management policy
- B. An increase in intrusion attempts
- C. A change in the regulatory environment
- D. A major security incident
Answer: C
NEW QUESTION # 75
Which of the following is MOST important for a multinational organization to consider when developing its security policies and standards?
- A. Industry-standard templates
- B. Ability to monitor and enforce compliance
- C. Differences in regulatory requirements
- D. Regional competitors' policies and standards
Answer: C
Explanation:
Differences in regulatory requirements are the most important factor for a multinational organization to consider when developing its security policies and standards. This is because different countries or regions may have different laws, regulations, or standards that govern the protection of information and data, such as the General Data Protection Regulation (GDPR) in the European Union, the Health Insurance Portability and Accountability Act (HIPAA) in the United States, or the Personal Information Protection and Electronic Documents Act (PIPEDA) in Canada. A multinational organization must comply with the applicable regulatory requirements in each jurisdiction where it operates, or it may face legal, financial, or reputational risks. Therefore, the organization should develop its security policies and standards in a way that meets or exceeds the minimum regulatory requirements, and also aligns with its business objectives and risk appetite.
According to the CRISC Review Manual 2022, one of the key elements of IT governance is to ensure compliance with external laws and regulations1. According to the CRISC Review Questions, Answers & Explanations Manual 2022, differences in regulatory requirements is the correct answer to this question2.
Regional competitors' policies and standards, ability to monitor and enforce compliance, and industry-standard templates are not the most important factors for a multinational organization to consider when developing its security policies and standards. These factors may be useful or relevant, but they are not as critical or mandatory as the differences in regulatory requirements. Regional competitors' policies and standards may provide some insights or benchmarks, but they may not reflect the organization's specific needs or risks. Ability to monitor and enforce compliance is an important aspect of implementing and maintaining security policies and standards, but it does not determine the content or scope of the policies and standards.
Industry-standard templates may offer some guidance or best practices, but they may not cover all the regulatory requirements or the organization's unique circumstances.
NEW QUESTION # 76
The PRIMARY basis for selecting a security control is:
- A. the cost of the control.
- B. the ability to mitigate risk.
- C. the materiality of the risk.
- D. to achieve the desired level of maturity.
Answer: B
Explanation:
The PRIMARY basis for selecting a security control is the ability to mitigate risk, because it is the measure of how well the control can prevent or reduce the occurrence or impact of the risk, and how effectively the control can achieve the desired level of security and protection for the system and the data. The ability to mitigate risk is the most important criterion for selecting a security control, as it directly relates to the purpose and value of the control. The other options are not the primary basis, because:
* Option A: To achieve the desired level of maturity is a goal of selecting a security control, but not the primary basis. The desired level of maturity is the state or condition of the security control that reflects its quality, consistency, and reliability, and it should be aligned with the organization's security objectives and standards. The desired level of maturity is a result of selecting a security control, not a reason for selecting it.
* Option B: The materiality of the risk is a factor of selecting a security control, but not the primary basis.
The materiality of the risk is the degree or extent of the risk that affects the organization's performance, reputation, and value, and it should be considered when selecting a security control, but it is not the only or the most important factor. The materiality of the risk is an input to selecting a security control, not an output of selecting it.
* Option D: The cost of the control is a constraint of selecting a security control, but not the primary basis.
The cost of the control is the amount of resources and expenditure that are required to implement and maintain the control, and it should be balanced with the benefit and effectiveness of the control, but it is not the only or the most important constraint. The cost of the control is a limitation of selecting a security control, not a motivation for selecting it. References = Risk and Information Systems Control Study Manual, 7th Edition, ISACA, 2020, p. 211.
NEW QUESTION # 77
Which of the following is MOST important when considering risk in an enterprise risk management (ERM) process?
- A. Financial risk is given a higher priority.
- B. Risk identified by industry benchmarking is included.
- C. Security strategy is given a higher priority.
- D. Risk with strategic impact is included.
Answer: D
NEW QUESTION # 78
Numerous media reports indicate a recently discovered technical vulnerability is being actively exploited.
Which of the following would be the BEST response to this scenario?
- A. Assess the vulnerability management process.
- B. Conduct a control serf-assessment.
- C. Reassess the inherent risk of the target.
- D. Conduct a vulnerability assessment.
Answer: D
Explanation:
* A technical vulnerability is a weakness or flaw in the design or implementation of an information system or resource that can be exploited or compromised by a threat or source of harm that may affect the organization's objectives or operations. A technical vulnerability may be caused by various factors, such as human error, system failure, process inefficiency, resource limitation, etc.
* A vulnerability assessment is a process of identifying and evaluating the technical vulnerabilities that exist or may arise in the organization's information systems or resources, and determining their severity and impact. A vulnerability assessment can help the organization to assess and prioritize the risks, and to design and implement appropriate controls or countermeasures to mitigate or prevent the risks.
* The best response to the scenario of a recently discovered technical vulnerability being actively exploited is to conduct a vulnerability assessment, because it can help the organization to address the following questions:
* What is the nature and extent of the technical vulnerability, and how does it affect the functionality or security of the information system or resource?
* How is the technical vulnerability being exploited or compromised, and by whom or what?
* What are the potential consequences or impacts of the exploitation or compromise of the technical vulnerability for the organization and its stakeholders?
* How can the technical vulnerability be detected and reported, and what are the available or feasible options or solutions to address or correct it?
* Conducting a vulnerability assessment can help the organization to improve and optimize the information system or resource quality and performance, and to reduce or eliminate the technical vulnerability. It can also help the organization to align the information system or resource with the organization's objectives and requirements, and to comply with the organization's policies and standards.
* The other options are not the best responses to the scenario of a recently discovered technical vulnerability being actively exploited, because they do not address the main purpose and benefit of conducting a vulnerability assessment, which is to identify and evaluate the technical vulnerability, and to determine its severity and impact.
* Assessing the vulnerability management process is a process of evaluating and verifying the adequacy and effectiveness of the process that is used to identify, analyze, evaluate, and communicate the technical vulnerabilities, and to align them with the organization's objectives and requirements. Assessing the vulnerability management process can help the organization to improve and optimize the process, and to reduce or eliminate the gaps or weaknesses in the process, but it is not the best response to the scenario, because it does not indicate the nature and extent of the technical vulnerability, and how it affects the organization and its stakeholders.
* Conducting a control self-assessment is a process of evaluating and verifying the adequacy and effectiveness of the controls that are intended to ensure the confidentiality, integrity, availability, and reliability of the information systems and resources, using the input and feedback from the individuals or groups that are involved or responsible for the information systems activities or functions. Conducting a control self-assessment can help the organization to identify and document the control deficiencies, and to align them with the organization's objectives and requirements, but it is not the best response to the scenario, because it does not indicate the nature and extent of the technical vulnerability, and how it affects the organization and its stakeholders.
* Reassessing the inherent risk of the target is a process of reevaluating and recalculating the amount and type of risk that exists in the absence of any controls, and that is inherent to the nature or characteristics of the target, which is the information system or resource that is affected by the technical vulnerability. Reassessing the inherent risk of the target can help the organization to understand and document the risk exposure or level, and to align it with the organization's risk appetite and tolerance, but it is not the best response to the scenario, because it does not indicate the nature and extent of the technical vulnerability, and how it affects the organization and its stakeholders. References =
* ISACA, CRISC Review Manual, 7th Edition, 2022, pp. 40-41, 47-48, 54-55, 58-59, 62-63
* ISACA, CRISC Review Questions, Answers & Explanations Database, 2022, QID 195
* CRISC Practice Quiz and Exam Prep
NEW QUESTION # 79
You are the project manager of GHT project. A risk event has occurred in your project and you have identified it. Which of the following tasks you would do in reaction to risk event occurrence? Each correct answer represents a part of the solution. Choose three.
- A. Communicate lessons learned from risk events
- B. Monitor risk
- C. Maintain and initiate incident response plans
- D. Update risk register
Answer: A,B,C
Explanation:
Explanation/Reference:
Explanation:
When the risk events occur then following tasks have to done to react to it:
Maintain incident response plans
Monitor risk
Initiate incident response
Communicate lessons learned from risk events
Incorrect Answers:
C: Risk register is updated after applying appropriate risk response and at the time of risk event occurrence.
NEW QUESTION # 80
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