How residual risk can be determined?
Answer(s): A
Which of the following are the MOST important risk components that must be communicated among all the stakeholders? Each correct answer represents a part of the solution. Choose three.
Answer(s): B,C,D
The broad array of information and the major types of IT risk information that should be communicated are as follows:Expectations from risk management: They include risk strategy, policies, procedures, awareness training, uninterrupted reinforcement of principles, etc. This essential communication drives all subsequent efforts on risk management and sets the overall expectations from risk management.Current risk management capability: This allows monitoring of the status of the risk management engine in the enterprise. It is a key indicator for effective risk management and has predictive value for how well the enterprise is managing risk and reducing exposure.Status with regard to IT risk: This describes the actual status with regard to IT risk including information of risk profile of the enterprise, Key risk indicators (KRIs) to support management reporting on risk, event-loss data, root cause of loss events and options to mitigate risk.Incorrect Answers:A: Risk response is only communicated to some of the stakeholders not all, as it is irrelevant for them. It is not communicated to the stakeholders of the project like project sponsors, etc.
You work as a project manager for BlueWell Inc. You are involved with the project team on the different risk issues in your project. You are using the applications of IRGC model to facilitate the understanding and managing the rising of the overall risks that have impacts on the economy and society. One of your team members wants to know that what the need to use the IRGC is. What will be your reply?
IRGC is aimed at building robust, integrative inter-disciplinary governance models for emerging and existing risks.The International Risk Governance Council (IRGC) is a self-governing organization whose principle is to facilitate the understanding and managing the rising overall risks that have impacts on the economy and society, human health and safety, the environment at large. IRGC's effort is to build and develop concepts of risk governance, predict main risk issues and present risk governance policy recommendations for the chief decision makers. IRGC mainly emphasizes on rising, universal risks for which governance deficits exist. Its goal is to present recommendations for how policy makers can correct them. IRGC models at constructing strong, integrative inter-disciplinary governance models for up-coming and existing risks.Incorrect Answers:B: As IRGC is aimed at building robust, integrative inter-disciplinary governance models for emerging and existing risks, so it is the best answer for this question.C, D: Risk governance addresses understanding of the secondary impacts of a risk, the development of resilience and the capacity of organizations and people to face unavoidable risks.
You are elected as the project manager of GHT project. You are in project initialization phase and are busy in defining requirements for your project. While defining requirements you are describing how users will interact with a system. Which of the following requirements are you defining here?
Answer(s): C
While defining requirements, there is need to define three requirements of the project- Business requirement, Functional requirement, and Technical requirementFunctional requirements and use case models describe how users will interact with a system. Therefore here in this stem you are defining the functional requirement of the project.Incorrect Answers:A: Technical requirements and design specifications and coding specifications describe how the system will interact, conditions under which the system will operate and the information criteria the system should meet.B: Business requirement, Functional requirement, and Technical requirement come under project requirement. In this stem it is particular defining the functional requirement, hence this is not the best answer.D: Business requirements contain descriptions of what a system should do.
While considering entity-based risks, which dimension of the COSO ERM framework is being referred?
The organizational levels of the COSO ERM framework describe the subsidiary, business unit, division, and entity-levels of aspects of risk solutions.Incorrect Answers:B: Risk components includes Internal Environment, Objectives settings, Event identification, Risk assessment, Risk response, Control activities, Information and communication, and monitoring.C: Strategic objectives includes strategic, operational, reporting, and compliance risks; and not entity-based risks.D: This is not a valid answer.
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