The most important course of action for a risk practitioner when reviewing the results of control performance monitoring is to validate whether the controls effectively mitigate risk, as it involves verifying and testing the adequacy and performance of the controls, and identifying any control gaps or deficiencies that may affect the risk level and response. The other options are not the most important courses of action, as they are more related to the evaluation, confirmation, or analysis of the risk profile, compliance, or indicators, respectively, rather than the validation of the control effectiveness. References = CRISC Review Manual, 7th Edition, page
154.

Explanation/Reference:
Explanation:
The purpose of qualitative risk analysis is to determine what impact the identified risk events will have on the project and the probability they'll occur. It also puts risks in priority order according to their effects on the project objectives and assigns a risk score for the project.
Incorrect Answers:
B: Risk Management is used to identify, assess, and control risks. It includes analyzing the value of assets to the business, identifying threats to those assets, and evaluating how vulnerable each asset is to those threats. Assessing the probability and consequences of identified risks is only the part of risk management.
C: It involves listing of all the possible risks so as to cure them before it can occur. In risk identification both threats and opportunities are considered, as both carry some level of risk with them.
D: This process does not involve assessing the probability and consequences of identified risks.
Quantitative analysis is the use of numerical and statistical techniques rather than the analysis of verbal material for analyzing risks. Some of the quantitative methods of risk analysis are:
Internal loss method

External data analysis

Business process modeling (BPM) and simulation

Statistical process control (SPC)

Section: Volume A
Explanation:
This risk event has the potential to save money on project costs, so it is an opportunity, and the appropriate strategy to use in this case is the exploit strategy. The exploit response is one of the strategies to negate risks or threats appear in a project. This strategy may be selected for risks with positive impacts where the organization wishes to ensure that the opportunity is realized. Exploiting a risk event provides opportunities for positive impact on a project. Assigning more talented resources to the project to reduce the time to completion is an example of exploit response.
Incorrect Answers:
A, C: Mitigation and avoidance risk response is used in case of negative risk events, and not in positive risk events. Here in this scenario, as it is stated that the event could save $100,000, hence it is a positive risk event. Therefore should not be mitigated or avoided.
B: To accept risk means that no action is taken relative to a particular risk; loss is accepted if it occurs. But as this risk event bring an opportunity, it should me exploited and not accepted.