If the residual risk of the business activity is lower than the acceptable risk level, it means that the existing controls are effectively mitigating the identified risks. In this case, the best course of action is to monitor the effectiveness of the controls and ensure they remain effective. The information security manager should review and test the controls periodically to ensure that they continue to provide adequate protection. It is also essential to update the risk assessment framework to reflect changes in the business environment or risk landscape.

A risk assessment should be conducted in order to identify the potential risks associated with a particular system or process, and to determine the best way to mitigate those risks. Making a revision to a password policy based on the results of a risk assessment is the best way to ensure that the policy is effective and secure.
According to the Certified Information Security Manager (CISM) Study manual, the BEST justification for making a revision to a password policy is a risk assessment. A risk assessment enables an organization to identify and evaluate the risks to its information assets and determine the appropriate measures to mitigate those risks, including password policies. Password policies should be based on the risks to the organization's information assets and the level of protection needed.

Established risk domains are important for effective risk decision making because they provide a basis for categorizing risks and assessing their impact on the organization. Risk domains are also used to assign risk ownership and prioritize risk management activities. Having established risk domains in place helps ensure that risks are properly identified and addressed, and enables organizations to make informed and effective decisions about risk. Risk reporting procedures, an audit committee consisting of mid-level management, and well-defined and approved controls are all important components of an effective risk management program, but established risk domains are the most important for effective risk decision making.