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CRISC Exam Question 791

You are the project manager of project for a client. The client has promised your company a bonus, if the project is completed early. After studying the project work, you elect to crash the project in order to realize the early end date. This is an example of what type of risk response?

A.Negative risk response, because crashing will add risks.

B.Positive risk response, as crashing is an example of enhancing.

C.Positive risk response, as crashing is an example of exploiting.

D.Negative risk response, because crashing will add costs.

E.Explanation:
This is a positive risk response, as crashing is an example of enhancing. You are enhancing the probability of finishing the project early to realize the reward of bonus. Enhancing doesn't ensure positive risks, but it does increase the likelihood of the event.

CRISC Exam Question 792

Which is the MOST important parameter while selecting appropriate risk response?

A.Cost of response

B.Capability to implement response

C.Importance of risk

D.Efficiency of response

E.Explanation:
The cost of the response, which is applied so as to reduce risk within tolerance levels, is one of the most important parameter. By considering the cost of response, it is decided whether or not benefits of applying response is greater than accepting the risk; and according to this analysis it is decided whether the certain response should be applied or not. For example, if risk transfer response is applied by using insurance, then cost would be the cost of insurance.

CRISC Exam Question 793

You are the project manager of HFD project. You have identified several project risks. You have adopted alternatives to deal with these risks which do not attempt to reduce the probability of a risk event or its impacts. Which of the following response have you implemented?

A.Acceptance

B.Mitigation

C.Avoidance

D.Contingent response

E.Explanation:
Contingent response strategy, also known as contingency planning, involves adopting alternatives to deal with the risks in case of their occurrence. Unlike the mitigation planning in which mitigation looks to reduce the probability of the risk and its impact, contingency planning doesn't necessarily attempt to reduce the probability of a risk event or its impacts. Contingency comes into action when the risk event actually occurs.

F.is incorrect. Risk mitigation attempts to reduce the probability of a risk event and its impacts to an acceptable level. Risk mitigation can utilize various forms of control carefully integrated together. The main control types are:
Managerial(e.g.,policies)
Technical (e.g., tools such as firewalls and intrusion detection systems)
Operational (e.g., procedures, separation of duties)
Preparedness activities

G.is incorrect. Risk acceptance means that no action is taken relative to a particular risk;
loss is accepted if it occurs. If an enterprise adopts a risk acceptance, it should carefully consider
who can accept the risk. Risk should be accepted only by senior management in relationship with
senior management and the board. There are two alternatives to the acceptance strategy, passive
and active.
Passive acceptance means that enterprise has made no plan to avoid or mitigate the risk but
willing to accept the consequences of the risk.
Active acceptance is the second strategy and might include developing contingency plans and
reserves to deal with risks.

CRISC Exam Question 794

Which of the following provides the MOST up-to-date information about the effectiveness of an organization's overall IT control environment?

A.Periodic penetration testing

B.Internal audit findings

C.Risk heat maps

D.Key performance indicators (KPIs)

CRISC Exam Question 795

Which of the following BEST enables the risk profile to serve as an effective resource to support business objectives?

A.Updating the risk profile with risk assessment results

B.Engaging external risk professionals to periodically review the risk

C.Assigning quantitative values to qualitative metrics in the risk register

D.Prioritizing global standards over local requirements in the risk profile

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