Section: Volume B
Explanation:
Risk communication is the process of exchanging information and views about risks among stakeholders, such as groups, individuals, and institutions. Risk communication is mostly concerned with the nature of risk or expressing concerns, views, or reactions to risk managers or institutional bodies for risk management. The key plan to consider and communicate risk is to categorize and impose priorities, and acquire suitable measures to reduce risks. It is important throughout any crisis to put across multifaceted information in a simple and clear manner. Risk communication helps in switching or allocating the information concerning risk among the decision-maker and the stakeholders. Risk communication can be explained more clearly with the help of the following definitions:
* It defines the issue of what a group does, not just what it says.
* It must take into account the valuable element in user's perceptions of risk.
* It will be more valuable if it is thought of as conversation, not instruction.
Risk communication is a fundamental and continuing element of the risk analysis exercise, and the involvement of the stakeholder group is from the beginning. It makes the stakeholders conscious of the process at each phase of the risk assessment. It helps to guarantee that the restrictions, outcomes, consequence, logic, and risk assessment are undoubtedly understood by all the stakeholders.
Incorrect Answers:
A: Risk governance is a systemic approach to decision making processes associated to natural and technological risks. It is based on the principles of cooperation, participation, mitigation and sustainability, and is adopted to achieve more effective risk management. It seeks to reduce risk exposure and vulnerability by filling gaps in risk policy, in order to avoid or reduce human and economic costs caused by disasters.
Risk governance is a continuous life cycle that requires regular reporting and ongoing review. The risk governance function must oversee the operations of the risk management team.
B: 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.
C: Risk response is a process of deciding what measures should be taken to reduce threats and take advantage of the opportunities discovered during the risk analysis processes. This process also includes assigning departments or individual staff members the responsibility of carrying out the risk response plans and these folks are known as risk owners.
The prioritization of the risk responses and development of the risk response plan is based on following parameters:
* Cost of the response to reduce risk within tolerance levels
* Importance of the risk
* Capability to implement the response
* Effectiveness and efficiency of the response
Risk prioritization strategy is used to create a risk response plan and implementation schedule because all risk cannot be addressed at the same time. It may take considerable investment of time and resources to address all the risk identified in the risk analysis process. Risk with a greater likelihood and impact on the enterprise will prioritized above other risk that is considered less likely or lay less impact.

Section: Volume C
Explanation:
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.

Explanation/Reference:
Explanation:
The cost of the project is not an indicator of risk urgency. The affect of the risk on the overall cost of the project may be considered, but it is not the best answer.
Incorrect Answers:
A: Warning signs are an indicator of the risk urgency.
B: Symptoms are an indicator of the risk urgency.
C: The risk rating can be an indicator of the risk urgency.

Section: Volume D