The best way to ensure the continued effectiveness of the IT risk management function within an organization experiencing high employee turnover is to have well documented policies and procedures. Policies and procedures are the formal documents that define the roles, responsibilities, processes, and standards for the IT risk management function. They provide guidance, consistency, and continuity for the IT risk management activities and outcomes. They also facilitate the knowledge transfer, training, and performance evaluation of the IT risk management staff. The other options are not as helpful as well documented policies and procedures, as they are related to the tools, mechanisms, or structures that support the IT risk management function, not the foundation and direction of the IT risk management function. References = Risk and Information Systems Control Study Manual, Chapter 1: IT Risk Identification, Section 1.1: IT Risk Management Process, page 15.

The first factor that should be considered when assessing risk associated with the adoption of emerging technologies is the organizational strategy. The organizational strategy defines the vision, mission, goals, and objectives of the enterprise, and provides the direction and guidance for its activities and decisions. The adoption of emerging technologies should be aligned with the organizational strategy, and support its achievement and performance. The organizational strategy also helps to determine the risk appetite and tolerance of the enterprise, and the criteria for evaluating the risks and benefits of the emerging technologies.
Cost-benefit analysis, control self-assessment, and business requirements are also important factors to consider when assessing risk associated with the adoption of emerging technologies, but they are not the first factor to consider. References = Risk and Information Systems Control Study Manual, 7th Edition, Chapter 1, Section 1.2.1.1, page 181
1: ISACA Certified in Risk and Information Systems Control (CRISC) Exam Guide, Answer to Question
656.

Compensating controls are additional or alternative controls that are implemented when the existing controls are found to be ineffective or do not meet the required standards. Compensating controls are designed to reduce the risk exposure to an acceptable level and ensure that the organization can still comply with the relevant regulations and industry best practices. For an organization that processes credit cards, compensating controls may include enhanced encryption, monitoring, auditing, or authentication mechanisms. By having compensating controls in place, the organization can maintain an effective overall control environment despitethe deficiencies in the existing controls. The other options are not correct because they do not ensure that the overall control environment is effective. A control mitigation plan is a document that outlines the actions and resources needed to address the control deficiencies, but it does not guarantee that the compensating controls will be implemented or effective. Risk management is a process that involves identifying, analyzing, evaluating, and treating risks, but it does not directly affect the control environment. Residual risk is the risk that remains after the risk treatment, and it may or may not be acceptable depending on the risk appetite of the organization. References = CRISC Review Manual, pages
153-1541; CRISC Review Questions, Answers & Explanations Manual, page 632

The first activity that should be performed when the time required to complete daily processing for a legacy application is approaching a risk threshold is to conduct a root-cause analysis. This will help to identify the source of the problem and the factors that are contributing to the increased processing time. By conducting a root-cause analysis, the enterprise can determine the most appropriate and effective solution to address the problem and prevent it from recurring. Temporarily increasing the risk threshold, suspending processing to investigate the problem, and initiating a feasibility study for a new application are not the first activities that should be performed, as they may not resolve the underlying issue and may introduce additional risks or costs. References = Risk and Information Systems Control Study Manual, 7th Edition, Chapter 4, Section
4.2.1.2, page 193.

The risk owner is the person or entity that has the accountability and authority to manage a risk. The risk owner should be accountable for monitoring the control environment to ensure controls are effective, as they are responsible for implementing, maintaining, and improving the risk controls, and for reporting and communicating the risk status and performance. The risk owner should also ensure that the controls are aligned with the risk appetite and tolerance of the enterprise, and that they support the achievement of the enterprise's objectives and value creation. References = Most Asked CRISC Exam Questions and Answers. CRISC: Certified in Risk & Information Systems Control Sample Questions, Question 244.