Online Access Free ISACA.CRISC.v2024-06-13.q683 Practice Test (Page 14)

CRISC Exam Question 61

The PRIMARY benefit of conducting continuous monitoring of access controls is the ability to identify:

A.possible noncompliant activities that lead to data disclosure

B.unknown threats to undermine existing access controls

C.leading or lagging key risk indicators (KRIs)

D.inconsistencies between security policies and procedures

CRISC Exam Question 62

Which of the following is a KEY responsibility of the second line of defense?

A.Implementing control activities

B.Conducting control self-assessments

C.Owning risk scenarios

D.Monitoring control effectiveness

CRISC Exam Question 63

An external security audit has reported multiple findings related to control noncompliance. Which of the following would be MOST important for the risk practitioner to communicate to senior management?

A.Plans for mitigating the associated risk

B.Suggestions for improving risk awareness training

C.A recommendation for internal audit validation

D.The impact to the organization's risk profile

CRISC Exam Question 64

Which of the following actions assures management that the organization's objectives are protected from the occurrence of risk events?

A.Internal control

B.Risk management

C.Hedging

D.Risk assessment

Correct Answer: A

Section: Volume B
Explanation:
Internal controls are the actions taken by the organization to help to assure management that the organization's objectives are protected from the occurrence of risk events. Internal control objectives are applicable to all manual or automated areas. Internal control objectives include:
* Internal accounting controls- They control accounting operations, including safeguarding assets and financial records.
* Operational controls- They focus on day-to-day operations, functions, and activities. They ensure that all the organization's objectives are being accomplished.
* Administrative controls- They focus on operational efficiency in a functional area and stick to management policies.
Incorrect Answers:
B: Risk management is the identification, assessment, and prioritization of risks followed by coordinated and economical application of resources. It is done to minimize, monitor, and control the probability and impact of unfortunate events or to maximize the realization of opportunities.
C: Hedging is the process of managing the risk of price changes in physical material by offsetting that risk in the futures market. In other words, it is the avoidance of risk. So, it only avoids risk but can not assure protection against risk.
D: Risk assessment is a process of analyzing the identified risk, both quantitatively and qualitatively.
Quantitative risk assessment requires calculations of two components of risk, the magnitude of the potential loss, and the probability that the loss will occur. While qualitatively risk assessment checks the severity of risk.
The assessment attempts to determine the likelihood of the risk being realized and the impact of the risk on the operation. This provides several conclusions:
* Probability-establishing the likelihood of occurrence and reoccurrence of specific risks, independently and combined.
* Interdependencies-the relationship between different types of risk. For instance, one risk may have greater potential of occurring if another risk has occurred. Or probability or impact of a situation may increase with combined risk.

CRISC Exam Question 65

You are the project manager of GHT project. You have identified a risk event on your current project that could save $670,000 in project costs if it occurs. Your organization is considering hiring a vendor to help establish proper project management techniques in order to assure it realizes these savings. Which of the following statements is TRUE for this risk event?

A.This risk event should be accepted because the rewards outweigh the threat to the project.

B.This risk event should be mitigated to take advantage of the savings.

C.This risk event is an opportunity to the project and should be exploited.

D.This is a risk event that should be shared to take full advantage of the potential savings.

E.Explanation:
This risk event has the potential to save money on project costs and organization is hiring a vendor to assure that all these saving are being realized. Hence this risk event involves sharing with a third party to help assure that the opportunity take place.

F.is incorrect. This risk event is not accepted as this event has potential to save money as
well as it is shared with a vendor so that all these savings are being realized.

G.is incorrect. This risk event can be exploited but as here in this scenario, it is stated that
organization is hiring vendor, therefore event is being shared not exploited.

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CRISC Exam Question 61

CRISC Exam Question 62

CRISC Exam Question 63

CRISC Exam Question 64

CRISC Exam Question 65

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