According to the CRISC Review Manual (Digital Version), the security management function is responsible for ensuring that effective cybersecurity controls are established and maintained. The security management function should:
Define the cybersecurity strategy and objectives aligned with the enterprise's risk appetite and business goals Establish and maintain the cybersecurity policies, standards, procedures and guidelines Implement and monitor the cybersecurity controls and processes Coordinate and communicate with other stakeholders, such as risk owners, IT management, enterprise risk function, internal and external auditors, regulators and third parties Report on the cybersecurity performance and risk posture to senior management and the board Continuously improve the cybersecurity capabilities and maturity References = CRISC Review Manual (Digital Version), Chapter 1: IT Risk Identification, Section 1.4: IT Risk Management Roles and Responsibilities, pp. 29-301

The asset owner is the best suited to assist a risk practitioner in developing a relevant set of risk scenarios.
The asset owner is the person who has the authority and responsibility for the IT assets that support the business processes. The asset owner can provide valuable information on the business objectives, requirements, and expectations that the IT assets should meet. The asset owner can also help identify the potential threats, vulnerabilities, and impacts that may affect the IT assets and the business processes. The asset owner can also suggest possible risk responses and mitigation strategies to address the risk scenarios.
The other options are not as relevant as the asset owner, as they may not have the same level of knowledge, interest, or involvement in the IT assets and the business processes. References = Risk and Information Systems Control Study Manual, Chapter 1: IT Risk Identification, Section 1.3: IT Risk Scenarios, page 23.

The best recommendation for a risk practitioner when an employee lost a personal mobile device that may contain sensitive corporate information is to initiate a remote data wipe. A remote data wipe is a process of erasing the data stored on a device remotely, using a command sent over anetwork or a wireless connection. A remote data wipe can help to prevent the unauthorized access, use, disclosure, or theft of the sensitive corporate information, and to minimize the potential impact of the loss on the enterprise's reputation, operations, and compliance. A remote data wipe can also help to comply with the data breach notification laws and regulations, and to reduce the legal liability and penalties. Conducting a risk analysis, invoking the incident response plan, and disabling the user account are not as immediate and effective as initiating a remote data wipe, as they do not address the primary risk of data exposure and loss. References = CRISC Review Manual, 6th Edition, ISACA, 2015, page 217.

Data protection is the process of safeguarding sensitive personal information from unauthorized access, use, disclosure, modification, or destruction. Data protection can help to ensure the privacy and security ofthe data subjects, and to comply with the legal and regulatory requirements that apply to the data processing activities1.
A highly regulated organization that acquired a medical technology startup company that processes sensitive personal information with weak data protection controls faces a high risk of data breaches, fines, lawsuits, reputational damage, or loss of customer trust. The best way for the acquiring company to reduce its risk while still enabling the flexibility needed by the startup company is to classify and protect the data according to the parent company's internal standards, because it can help to:
Identify and categorize the sensitive personal information based on its value, sensitivity, and criticality, such as confidential, restricted, internal, or public Apply and enforce the appropriate data protection policies, procedures, and controls for each data category, such as encryption, access control, backup, retention, or disposal Align and integrate the data protection practices and processes of the startup company with those of the parent company, and ensure the consistency and compliance across the organization Balance and optimize the trade-off between data protection and data usability, and allow the startup company to leverage the data for innovation and growth, as long as it meets the data protection standards of the parent company23 The other options are not the best ways for the acquiring company to reduce its risk while still enabling the flexibility needed by the startup company, but rather some of the steps or aspects of data protection. Identify previous data breaches using the startup company's audit reports is a step that can help to assess the current data protection status and gaps of the startup company, and to learn from the past incidents and mistakes, but it does not address the future data protection needs and challenges of the startup company. Have the data privacy officer review the startup company's data protection policies is an aspect that can help to ensure the legal and regulatory compliance of the data protection activities of the startup company, and to provide guidance and oversight for the data protection issues and risks, but it does not ensure the technical and operational effectiveness and efficiency of the data protection controls of the startup company. Implement a firewall and isolate the environment from the parent company's network is a control that can help to prevent or limit the external or internal attacks or threats to the data of the startup company, and to reduce the exposure or impact of a data breach, but it does not ensure the availability or accessibility of the data for the legitimate and authorized purposes of the startup company. References = Data Protection - ISACA Data Classification - ISACA Data Protection Best Practices - ISACA
[CRISC Review Manual, 7th Edition]