Reviewing the risk register is the best way to help an organization gain insight into its overall risk profile, because it provides a comprehensive and structured representation of all the key risks that the organization faces, along with their likelihood, impact, and response strategies. A risk register is a tool that records and tracks the current status of risks, their sources, causes, consequences, and controls. A risk register helps to facilitate the communication and reporting of risks, and to support the risk-based decision making and prioritization. A risk profile is a summary of the key risks that an organization faces, and their implications for the organization's objectives and strategy. Reviewing the risk register is the best way to understand the risk profile, as it reflects the nature and level of exposure that the organization has from the various risk sources and scenarios. Reviewing the threat landscape, the risk appetite, and the risk metrics are all useful ways to help an organization gain insight into its overall risk profile, but they are not the best way, as they do not provide a comprehensive and structured view of the risks and their responses. References = Risk and Information Systems Control Study Manual, Chapter 3, Section 3.2.1, page 83

A, and B are incorrect. These all are used to deal with opportunities or positive risks,
and not with negative risks.

Explanation/Reference:
Explanation:
The COSO ERM (Enterprise Risk Management) frame work is a 3-dimensional model. The dimensions and their components include:
Strategic Objectives - includes strategic, operations, reporting, and compliance.

Risk Components - includes Internal Environment, Objectives settings, Event identification, Risk

assessment, Risk response, Control activities, Information and communication, and monitoring.
Organizational Levels - include subsidiary, business unit, division, and entity-level.

The COSO ERM framework contains eight risk components:
Internal Environment

Objective Settings

Event Identification

Risk Assessment

Risk Response

Control Activities

Information and Communication

Monitoring

Section 404 of the Sarbanes-Oley act specifies a three dimensional model- COSO ERM, comprised of Internal control components, Internal control objectives, and organization entities. All the items listed are components except Financial reporting which is an internal control objective.
Incorrect Answers:
A, C, D: They are the Internal control components, not the Internal control objectives.

Explanation/Reference:
Explanation:
The risk monitoring and controlling is responsible for identifying new risks, determining the status of risks that may have changed, and determining which risks may be outdated in the project.
Incorrect Answers:
A: Risk planning creates the risk management plan and determines how risks will be identified, analyzed, monitored and controlled, and responded to.
C: Risk identification is a process that identifies risk events in the project.
D: Risk analysis helps determine the severity of the risk events, the risks' priority, and the probability and impact of risks.