Which of the following is the MOST important use of KRIs?
Answer(s): B
Key Risk Indicators are the prime monitoring indicators of the enterprise. KRIs are highly relevant and possess a high probability of predicting or indicating important risk. KRIs help in avoiding excessively large number of risk indicators to manage and report that a large enterprise may have.As KRIs are the indicators of risk, hence its most important function is to effectively give an early warning signal that a high risk is emerging to enable management to take proactive action before the risk actually becomes a loss.Incorrect Answers:A: This is one of the important functions of KRIs which can help management to improve but is not as important as giving early warning.C: KRIs provide an indication of the enterprise's risk appetite and tolerance through metric setting, but this is not as important as giving early warning.D: This is not as important as giving early warning.
Which of the following role carriers will decide the Key Risk Indicator of the enterprise? Each correct answer represents a part of the solution. Choose two.
Answer(s): A,B
An enterprise may have hundreds of risk indicators such as logs, alarms and reports. The CRISC will usually need to work with senior management and business leaders to determine which risk indicators will be monitored on a regular basis and be recognized as KRIs.Incorrect Answers:C, D: Chief financial officer and human resource only overview common risk view, but are not involved in risk based decisions.
What are the requirements for creating risk scenarios? Each correct answer represents a part of the solution. Choose three.
Answer(s): B,C,D
Creating a scenario requires determination of the value of an asset or a business process at risk and the potential threats and vulnerabilities that could cause loss. The risk scenario should be assessed for relevance and realism, and then entered into the risk register if found to be relevant.In practice following steps are involved in risk scenario development:First determine manageable set of scenarios, which include:- Frequently occurring scenarios in the industry or product area.- Scenarios representing threat sources that are increasing in count or severity level.- Scenarios involving legal and regulatory requirements applicable to the business.After determining manageable risk scenarios, perform a validation against the business objectives of the entity.Based on this validation, refine the selected scenarios and then detail them to a level in line with the criticality of the entity.Lower down the number of scenarios to a manageable set. Manageable does not signify a fixed number, but should be in line with the overall importance and criticality of the unit.Risk factors kept in a register so that they can be reevaluated in the next iteration and included for detailed analysis if they have become relevant at that time.Risk factors kept in a register so that they can be reevaluated in the next iteration and included for detailed analysis if they have become relevant at that time.Include an unspecified event in the scenarios, that is, address an incident not covered by other scenarios.Incorrect Answers:A: Cause-and-effect analysis is a predictive or diagnostic analytical tool used to explore the root causes or factors that contribute to positive or negative effects or outcomes. It is used during the process of exposing risk factors
You work as the project manager for Bluewell Inc. Your project 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?
Answer(s): D
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. Incorrect Answers:A: The Resource Management Plan does not define risk communications.B: The Risk Management Plan defines risk identification, analysis, response, and monitoring. C: The stakeholder management strategy does not address risk communications.
Which of the following controls is an example of non-technical controls?
Physical security is an example of non-technical control. It comes under the family of operational controls. Incorrect Answers:A, C, D: Intrusion detection system, access control, and encryption are the safeguards that are incorporated into computer hardware, software or firmware, hence they refer to as technical controls.
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