Isaca Updated CRISC Exam Questions and Answers by ernie

 According to the Risk and Information Systems Control Study Manual, the main reason for analyzing risk scenarios is to identify additional risk scenarios that may not have been considered in the initial risk identification process. Risk scenarios are hypothetical situations that describe how, where, and why adverse events can occur. By analyzing risk scenarios, the risk manager can gain a better understanding of the relationships between assets, processes, threats, vulnerabilities, and other factors that may affect the organization’s objectives. Analyzing risk scenarios can also help to evaluate the likelihood and impact of the potential risks, as well as the effectiveness of the existing controls and the need for additional controls. References = Risk and Information Systems Control Study Manual, 7th Edition, Chapter 5, Section 5.2.1, Page 215. How to write good risk scenarios and statements

 The effectiveness of a control monitoring program can be measured by how quickly it can detect and correct any control failures that may compromise the achievement of the organization’s objectives. A shorter time between control failure and failure detection means that the control monitoring program is able to identify and report the issues promptly, and initiate the remediation actions accordingly. This can reduce the impact and likelihood of the risks associated with the control failures, and enhance the performance and reliability of the controls. The other options are not as good indicators of the effectiveness of a control monitoring program, because they do not reflect the timeliness and responsiveness of the program, but rather the scope, effort, or frequency of the program. References = Risk and Information Systems Control Study Manual, Chapter 4, Section 4.3.3, page 130.

The best course of action when a risk practitioner finds that the risk level of an emerging IT risk has increased, despite having an action plan to mitigate it, is to evaluate whether the selected controls are still appropriate. This is because the increase in the risk level may indicate that the current controls are not effective or sufficient to reduce the impact or likelihood of the risk, or that the risk environment has changed and new threats or vulnerabilities have emerged. By evaluating the appropriateness of the selected controls, the risk practitioner can identify the gaps or weaknesses in the control design or implementation, and determine the need for corrective actions or improvements. The other options are not the best course of action, because they do not address the root cause of the problem, but rather assume or ignore the effectiveness of the controls, as explained below:

A. Implement the planned controls and accept the remaining risk is not the best course of action, because it assumes that the planned controls are adequate and aligned with the organization’s risk appetite, which may not be the case if the risk level has increased. Implementing the planned controls without evaluating their appropriateness may result in wasting resources, exposing the organization to more risk, or missing opportunities to enhance the risk mitigation effectiveness.

B. Suspend the current action plan in order to reassess the risk is not the best course of action, because it ignores the effectiveness of the current controls, which may still provide some level of risk mitigation, even if they are not optimal. Suspending the current action plan may also delay the risk response and increase the risk exposure, especially if the risk is time-sensitive or dynamic. Reassessing the risk without evaluating the appropriateness of the current controls may also lead to inaccurate or incomplete risk information and analysis.

C. Revise the action plan to include additional mitigating controls is not the best course of action, because it assumes that the current controls are ineffective or insufficient, which may not be the case if the risk level has increased due to other factors, such as changes in the risk environment or the organization’s objectives. Revising the action plan without evaluating the appropriateness of the current controls may result in overcompensating, duplicating, or conflicting the controls, which may affect the risk mitigation efficiency and performance. References = Risk and Information Systems Control Study Manual, Chapter 4, Section 4.3.3, page 130. How to Mitigate Emerging Technology Risk - ISACA, Risk Mitigation Strategies: Types & Examples (+ Free Template), 5 Key Risk Mitigation Strategies (With Examples) | Indeed.com

Ensuring Timely Recovery of Critical Business Operations:

Primary Focus: The primary focus of a Disaster Recovery Management (DRM) framework is to ensure that critical business operations can be recovered and resumed in a timely manner after a disruption.

Business Continuity: Timely recovery of operations is essential for maintaining business continuity and minimizing the impact of disruptions on the organization’s ability to deliver products and services.

Recovery Objectives: Establishing clear recovery time objectives (RTOs) and recovery point objectives (RPOs) ensures that critical operations are prioritized and recovery efforts are aligned with business needs.

Comparison with Other Options:

Restoring IT and Cybersecurity Operations: While important, this is part of the broader goal of recovering critical business operations.

Assessing Impact and Probability of Disaster Scenarios: This is a preparatory step that informs the DRM framework but is not the primary focus.

Determining Capacity for Alternate Sites: This is a component of the DRM strategy but supports the primary focus of ensuring timely recovery.

Best Practices:

Comprehensive Planning: Develop comprehensive disaster recovery plans that prioritize the recovery of critical business operations.

Regular Testing: Regularly test and update disaster recovery plans to ensure they remain effective and aligned with business objectives.

Cross-Functional Collaboration: Involve all relevant business units in disaster recovery planning to ensure a coordinated and effective response.

CRISC Review Manual: Emphasizes the importance of focusing on the recovery of critical business operations to ensure business continuity.

ISACA Guidelines: Recommend prioritizing the timely recovery of critical operations as the primary goal of disaster recovery management efforts.

References: