Isaca Updated CRISC Exam Questions and Answers by miriam

KRIs provide measurable indicators that flag when risks exceed predefined thresholds, enabling swift and effective risk response. This supports theMonitoring and Reportingfunction in risk management, ensuring risks are managed proactively.

 Internal Audit Review:

An internal audit review of control design involves a thorough examination of the control’s structure, implementation, and effectiveness.

Auditors use a systematic, disciplined approach to evaluate and improve the effectiveness of risk management, control, and governance processes.

 Steps in Audit Review:

Understand Control Objectives:Auditors ensure that the control is designed to meet specific risk management objectives.

Evaluate Implementation:Check whether the control has been implemented as designed.

Test Effectiveness:Perform tests to verify that the control operates effectively and consistently over time.

 Importance of Audit Review:

Provides independent and objective assurance that the control is appropriately designed and functioning as intended.

Identifies any deficiencies or areas for improvement in the control design.

 Comparing Other Validation Methods:

Senior Management Approval:Indicates support but does not validate effectiveness.

Documentation of Control Objectives:Important for understanding intent but not validation.

Control Owner Attestation:Provides insight but lacks the independence of an audit.

 References:

The CRISC Review Manual highlights the role of internal audits in validating control design and ensuring effective risk management (CRISC Review Manual, Chapter 3: Risk Response and Mitigation, Section 3.9 Control Testing and Effectiveness Evaluation)​​.

The risk practitioner should report that the associated risk has been deferred, as this means that the risk response has been postponed or delayed due to lack of resources or other constraints. Deferring a risk response implies that the risk owner acknowledges the risk and intends to implement the risk mitigation action plan at a later stage, when the resources or conditions are available. The other options are not correct, as they do not reflect the actual status of the risk response. Mitigating a risk means that the risk response has been implemented and the risk level has been reduced. Accepting a risk means that the risk response has been rejected or waived, and the risk level has been accepted as it is. Avoiding a risk means that the risk response has beenimplemented and the risk level has been eliminated or transferred. References = Risk and Information Systems Control Study Manual, Chapter 4: Risk Response, page 146.

 When a new security vulnerability is made public, the first step is to determine whether the affected technology is used within the organization. This will help to assess the impact and exposure of the vulnerability on the organization’s assets, processes, and objectives. If the affected technology is not used within the organization, then the vulnerability does not pose a direct threat and no further action is required. However, if the affected technology is used within the organization, then the next steps are to identify the systems and components that are vulnerable, evaluate the severity and likelihood of the vulnerability being exploited, and implement appropriate mitigating controls or remediation actions. References = Risk and Information Systems Control Study Manual, Chapter 5, Section 5.3.2.1, p. 240-241