The risk practitioner should explain to senior management that mitigation plans for threat events should be prepared in the current planning period, as this would demonstrate a proactive and responsible approach to risk management. Mitigation plans are documents that outline the actions and resources needed to reduce the likelihood and/or impact of a specific risk scenario. Mitigation plans should include the following elements:
* Risk scenario description and risk ID
* Risk owner and other stakeholders
* Risk response strategy and objectives
* Risk response actions and tasks
* Resources, costs, and benefits
* Roles and responsibilities
* Timeline and milestones
* Performance indicators and monitoring mechanisms
* Contingency plans and triggers
Mitigation plans help to address the gap between the current and desired risk levels and align the risk response with the organizational risk appetite and objectives. Mitigation plans also facilitate the communication, coordination, and collaboration among the risk owners and other stakeholders involved in the risk response process. Mitigation plans should be prepared in the current planning period, as this would allow the organization to act timely and effectively in the event of a low frequency threat event. Preparing mitigation plans in advance would also help to avoid or minimize the potential harm to the organization and its reputation.
The other options are not the best ways to communicate the associated risk to senior management. Explaining that this risk scenario is equivalent to more frequent but lower impact risk scenarios may not accurately reflect the true nature and severity of the risk. Explaining that the current level of risk is within tolerance may not convey the urgency and importance of addressing the risk. Explaining that an increase in threat events could cause a loss sooner than anticipated may not provide a clear and actionable solution for the risk. References
= Four steps for managing risk at the CEO level, IT Risk Resources | ISACA, How to Communicate Risk to Stakeholders | Anitian

The most important thing when implementing an organization's security policy is to obtain management support. Management support means that the senior management and the board of directors endorse, approve, and fund the security policy and its implementation. Management support also means that the management communicates, promotes, and enforces the security policy across the organization. Management support can help to ensure that the security policy is aligned with the organizational strategy and objectives, and that it is effective, consistent, and sustainable. The other options are not as important as obtaining management support, as they are related to the specific aspects or components of the security policy implementation, not the overall success and acceptance of the security policy implementation. References = Risk and Information Systems Control Study Manual, Chapter 3: IT Risk Response, Section 3.3: IT Risk Response Implementation, page 145.

Risk mitigation is most effective when the residual risk is optimized, as it means that the risk exposure and impact have been reduced to the level that is aligned with the risk tolerance and appetite of the organization, and that the risk response is cost-effective and optimal. The other options are not the factors that determine the effectiveness of risk mitigation, as they are more related to the types or sources of risk, respectively, rather than the level or outcome of risk. References = CRISC Review Manual, 7th Edition, page 111.

A heat map is a graphical tool that displays the level of risk severity for various risk scenarios or categories using different colors, shapes, or sizes. A heat map is most helpful in providing a high-level overview of current IT risk severity, as it can show the relative importance and urgency of the risks, and highlight the areas that require attention or action. A heat map can also help to communicate the risk information to the stakeholders, and facilitate the risk prioritization and decision making. References = 5

The most important consideration when selecting an external service provider for outsourcing the payroll function is the internal controls to ensure data privacy. The payroll function involves processing and storing sensitive personal and financial information of the employees, such as salaries, taxes, benefits, bank accounts, etc. This information needs to be protected from unauthorized access, disclosure, modification, or loss, as it may result in legal, regulatory, reputational, or financial consequences for the organization and the employees.
Therefore, the external service provider should have adequate internal controls, such as encryption, access control, backup, logging, monitoring, etc., to ensure data privacy and compliance with the organization's policies and standards. Disaster recovery plan, right to audit, and transparency of KPIs are also important considerations when selecting an external service provider, but they are not as important as internal controls to ensure data privacy. References = Risk and Information Systems Control Study Manual, 7th Edition, Chapter 5, Section 5.2.1.2, page 2461
1: ISACA Certified in Risk and Information Systems Control (CRISC) Exam Guide, Answer to Question
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