Scenario analysis and stress testing are the best methods to enable an organization to determine whether external emerging risk factors will impact the organization's risk profile, as they help to simulate and evaluate the potential outcomes and effects of various risk events and scenarios on the enterprise's objectives and operations. Scenario analysis and stress testing can help to identify and assess the impact of external emerging risk factors, such as changes in the market, technology, regulation, or environment, and to measure the resilience and preparedness of the enterprise to cope with these factors. Control identification and mitigation, adoption of a compliance-based approach, and prevention and detection techniques are not the best methods to enable an organization to determine whether external emerging risk factors will impact the organization's risk profile, as they do not help to simulate and evaluate the potential outcomes and effects of various risk events and scenarios, but rather to manage and monitor the existing or known risks. References = CRISC:
Certified in Risk & Information Systems Control Sample Questions, question 223.

The risk practitioner's best course of action when an organization has been made aware of a newly discovered critical vulnerability in a regulatory reporting system is to perform an impact assessment, as it involves estimating the potential consequences or damage that the vulnerability may cause to the system and its related business processes, and prioritizing the risk response accordingly. The other options are not the best courses of action, as they may not address the urgency or severity of the vulnerability, or may require the prior knowledge of the impact or risk level, respectively. References = CRISC Review Manual, 7th Edition, page
100.

A cost-benefit analysis is the most useful and comprehensive tool for justifying the purchase of a cyber insurance policy. It quantifies the financial benefits of the policy (e.g., reduced financial impact of incidents) against its costs, making it easier for management to evaluate the proposal. While a business impact analysis (Option A) and scenario analysis (Option D) provide valuable insights, they do not offer the same level of financial justification. Control gap analysis (Option C) focuses on identifying deficiencies in controls, which is less relevant to the decision to purchase insurance.
References:
* ISACA CRISC Review Manual, Domain 3: Risk Response and Mitigation - Discusses the role of cost- benefit analysis in risk response decisions.
* ISACA CRISC Job Practice, Task 3.1: Develop and implement appropriate risk responses based on the organization's risk appetite.

The primary focus of an IT risk awareness program is to cultivate long-term behavioral change. An IT risk awareness program is a program that educates and informs the stakeholders, such as the employees, managers, customers, or partners, about the IT risks and the IT risk management activities. An IT risk awareness program helps to increase the knowledge and understanding of the IT risks and the IT risk management objectives, strategies, and processes, and to promote the participation and collaboration of the stakeholders in the IT risk management activities. The primary focus of an IT risk awareness program is to cultivate long- term behavioral change, which is the change in the attitudes, beliefs, values, and actions of the stakeholders regarding the IT risks and the IT risk management activities. Cultivating long-term behavioral change helps to create and sustain a risk-aware culture, which is a culture that recognizes, respects, and supports the IT risk management activities, and that encourages the stakeholders to take responsibility and ownership of the IT risks and the IT risk management activities. Cultivating long-term behavioral change also helps to improve the effectiveness and efficiency of the IT risk management activities, and to align the IT risk management activities with the business goals and values. Ensuring compliance with the organization's internal policies, communicating IT risk policy to the participants, and demonstrating regulatory compliance are not the primary focus of an IT risk awareness program, as they are either the benefits or the objectives of the IT risk awareness program, and they do not address the primary need of changing the behavior of the stakeholders. References = CRISC Review Manual, 6th Edition, ISACA, 2015, page 36.

The average time to identify critical information security incidents is the best indicator of effective information security incident management, as it measures how quickly the organization can detect and respond to the most severe threats to its information assets. The faster the organization can identify critical incidents, the lower the potential impact and damage they can cause. The average time to identify critical incidents also reflects the efficiency and accuracy of the monitoring and reporting mechanisms, as well as the awareness and training of the staff and stakeholders. The other options are not the best indicators of effective information security incident management, as they do not directly measure the performance or quality of the incident response process. The monthly trend of information security-related incidents may show the frequency or severity of the incidents, but not how well they are managed. The frequency of information security incident response plan testing may show the preparedness or maturity of the organization, but not the actual effectiveness of the plan. The percentage of high-risk security incidents may show the risk exposure or appetite of the organization, but not the risk mitigation or treatment. References = 7 Types of Information Security Incidents and How to Respond; Annex A.16: Information Security Incident Management - ISMS.
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