Isaca Updated CRISC Exam Questions and Answers by emmanuel

The MOST important consideration when developing IT risk scenarios is the potential threats and vulnerabilities that may have an impact on the business, because they are the key elements of a risk scenario that describe the sources and causes of the risk, and the potential consequences and impacts of the risk on the business objectives and processes. The other options are not as important as the potential threats and vulnerabilities, because:

Option A: The impact of controls on the efficiency of the business in delivering services is a secondary consideration that may affect the cost-benefit analysis of the risk response, but it does not directly affect the identification and assessment of the risk scenario.

Option B: Linkage of identified risk scenarios with enterprise risk management is a good practice that ensures the alignment and integration of the IT risk management with the overall enterprise risk management, but it does not directly affect the identification and assessment of the risk scenario.

Option D: Results of network vulnerability scanning and penetration testing are useful sources of information that may reveal some of the threats and vulnerabilities in the IT environment, but they are not the only or the most important consideration when developing IT risk scenarios, as they may not cover all the aspects and dimensions of the risk. References = Risk and Information Systems Control Study Manual, 7th Edition, ISACA, 2020, p. 104.

A risk heat map is a graphical tool that displays the level of risk for each risk area based on the impact and likelihood of occurrence. It also provides a summary of the risk assessment results, such as the number and severity of risks, the risk appetite and tolerance, and the risk response strategies. A risk heat map can help senior management to understand the risk profile of the organization, prioritize the risks that need attention, and allocate resources accordingly. A risk heat map is more effective than the other options because it can communicate complex information in a simple and visual way, and it can highlight the key risk areas and trends. References = Risk and Information Systems Control Study Manual, Chapter 3, Section 3.4.2, page 97.

 A business impact analysis (BIA) is the most helpful tool to management when determining the resources needed to mitigate a risk. A BIA is a process of identifying and evaluating the potential effects of disruptions or incidents on the critical functions and processes of an organization. A BIA helps to estimate the financial, operational, and reputational impacts of risks, as well as the recovery time objectives and recovery point objectives for each function and process. A BIA also helps to prioritize the functions and processes based on their importance and urgency, and to allocate the resources needed to protect, restore, and resume them. A BIA can provide valuable information to management for developing and implementing risk mitigation strategies and plans. The other options are not the most helpful tools to management when determining the resources needed to mitigate a risk, although they may be useful or complementary to the BIA. An internal audit is a process of evaluating and improving the effectiveness of the governance, risk management, and control systems of an organization, but it does not directly estimate the impacts of risks or the resources needed to mitigate them. A heat map is a graphical tool that displays the probability and impact of individual risks in a matrix format, but it does not provide the details of the functions and processes affected by the risks or the resources needed to protect them. A vulnerability report is a document that identifies and assesses the security weaknesses in an information system, but it does not measure the impacts of risks or the resources needed to mitigate them. References = Business Impact Analysis (BIA) | Ready.gov, Business Impact Analysis - ISACA, Business Impact Analysis - Risk Management from MindTools.com

Residual risk is the risk that remains after the risk mitigation plans have been implemented. Residual risk reflects the effectiveness of the risk response in reducing the likelihood or impact of the risk. The best evidence that risk mitigation plans have been implemented effectively is the change in the level of residual risk. A change in the level of residual risk can be measured by comparing the risk level before and after the risk mitigation plans have been executed. A change in the level of residual risk can also be evaluated by comparing the actual residual risk with the target or acceptable residual risk. A change in the level of residual risk can demonstrate how well the risk mitigation plans have achieved the risk objectives and met the risk criteria. A change in the level of residual risk can also provide feedback and lessons learned for future risk management activities. References = Residual Risk: Definition, Formula & Management, Residual Risk: What It Is and How to Manage It, Residual Risk: How to Calculate and Manage It.