When preparing a risk status report for periodic review by senior management, it is most important to ensure the report includes risk exposure in business terms. Risk exposure is the potential loss or harm that may result from a risk event. Expressing risk exposure in business terms can help senior management to understand the impact and significance of the risk on the organization's objectives, performance, and value. A detailed view of individual risk exposures, a summary of incidents that have impacted the organization, and recommendations by an independent risk assessor are other possible contents of the report, but they are not as important as risk exposure in business terms. References = ISACA Certified in Risk and Information Systems Control (CRISC) Certification Exam Question and Answers, question 10; CRISC Review Manual, 6th Edition, page 140.

The primary goal of conducting a business impact analysis (BIA) as part of an overall continuity planning process is to identify critical business processes and the degree of reliance on support services. A BIA is a process of assessing the potential impact and consequences of a disruption or interruption of the business activities, operations, or functions. A continuity planning process is a process of developing, implementing, and maintaining a plan to ensure the continuity and recovery of the business activities, operations, or functions in the event of a disruption or interruption. The primary goal of conducting a BIA is to identify critical business processes and the degree of reliance on support services, which are the business processes that are essential for the survival and success of the business, and the support services that are required to enable or facilitate the critical business processes, such as IT systems, human resources, facilities, or suppliers. Identifying critical business processes and the degree of reliance on support services helps to determine the priorities and requirements for the continuity and recovery of the business activities, operations, or functions, and to select and implement the appropriate continuity and recovery strategies and solutions.
Obtaining the support of executive management, mapping the business processes to supporting IT and other corporate resources, and documenting the disaster recovery process are not the primary goals of conducting a BIA, as they are either the benefits or the outputs of the BIA process, and they do not address the primary need of assessing the impact and consequences of the business disruption or interruption. References = CRISC Review Manual, 6th Edition, ISACA, 2015, page 50.

When reviewing a report on the performance of control processes, it is most important to verify whether the residual risk objectives have been achieved, as this indicates the extent to which the control processes have reduced the risk to an acceptable level. Residual risk is the risk that remains after the implementation of controls, and it should be aligned with the risk appetite and tolerance of the enterprise. Business process objectives, regulatory standards, and control process design are not the most important factors to verify, as they do not directly measure the effectiveness and efficiency of the control processes in managing the risk.
References = CRISC Practice Quiz and Exam Prep; CRISC: Certified in Risk & Information Systems Control Sample Questions, question 209.

Updating the risk register to include outcomes from a risk assessment is the greatest benefit because it enables the organization to prioritize and respond to the most significant risks in a timely manner. The risk register is a tool that records and tracks the current status of risks, their likelihood, impact, and response strategies. By updating the risk register with the results of a risk assessment, the organization can ensure that the risk information is accurate, relevant, and actionable. Maintaining evidence of compliance with risk policy, validating the organization's risk appetite, and helping to mitigate internal and external risk factors are all possible benefits of updating the risk register, but they are not the greatest benefit, as they do not directly support risk-based decision making. References = Risk and Information Systems Control Study Manual, Chapter 3, Section 3.2.1, page 83

According to the CRISC Review Manual, a risk owner is the person who is accountable for the risk and its associated mitigation actions. The risk owner is responsible for monitoring the risk, reporting the risk status, and implementing the risk response. Therefore, the most appropriate risk owner would be the individual who is accountable for loss if the risk materializes, as it implies that they have the authority and the incentive to manage the risk effectively. The other options are not the most appropriate risk owners, as they are not directly accountable for the risk or its consequences. The person who is in charge of information security is responsible for overseeing the IT security function and ensuring that the IT security policy is enforced, but they may not have the authority or the resources to manage the risk. The person who is responsible for enterprise risk management (ERM) is responsible for establishing and maintaining the ERM framework and processes, but they may not have the knowledge or the involvement to manage the risk. The person who can implement remediation action plans is responsible for executing the risk response, but they may not have the decision-making power or the accountability to manage the risk. References = CRISC Review Manual, 7th Edition, Chapter 3, Section 3.1.2, page 108.