A consolidated view into the organization's risk profile is a comprehensive and integrated representation of the risks that may affect the organization's objectives, performance, and value creation12.
The most helpful material to provide a consolidated view into the organization's risk profile is the IT risk register, which is a document that records and tracks the IT-related risks, their sources, impacts, likelihoods, responses, owners, and statuses within the organization34.
The IT risk register is the most helpful material because it provides a complete and consistent overview of the IT risk landscape, and enables the identification, analysis, evaluation, treatment, monitoring, and communication of IT risks across the organization34.
The IT risk register is also the most helpful material because it supports the project prioritization and resource allocation decisions, by highlighting the most significant and relevant IT risks, and by showing the alignment of the IT risk responses with the organization's risk appetite, strategy, and objectives34.
The other options are not the most helpful materials, but rather possible inputs or outputs of the IT risk register. For example:
A list of key risk indicators (KRIs) is a set of metrics that measure the occurrence or status of IT risks, and provide timely and relevant information and feedback to the organization56. However, a list of KRIs is not the most helpful material because it does not provide a comprehensive and integrated view of the IT risk profile, but rather a snapshot or a trend of selected IT risks56.
Internal audit reports are documents that present the findings and recommendations of the internal audit function, which evaluates the adequacy and effectiveness of the IT risk management and control processes within the organization78. However, internal audit reports are not the most helpful material because they do not provide a comprehensive and integrated view of the IT risk profile, but rather a periodic and independent assessment of specific IT risk areas78.
A list of approved projects is a document that records and tracks the IT projects that have been authorized and funded by the organization, and their objectives, scope, schedule, budget, and status . However, a list of approved projects is not the most helpful material because it does not provide a comprehensive and integrated view of the IT risk profile, but rather a summary of the IT project portfolio . References =
1: Risk IT Framework, ISACA, 2009
2: IT Risk Management Framework, University of Toronto, 2017
3: IT Risk Register Template, ISACA, 2019
4: IT Risk Register Toolkit, ISACA, 2019
5: KPIs for Security Operations & Incident Response, SecurityScorecard Blog, June 7, 2021
6: Key Performance Indicators (KPIs) for Security Operations and Incident Response, DFLabs White Paper,
2018
7: IT Audit and Assurance Standards, ISACA, 2014
8: IT Audit and Assurance Guidelines, ISACA, 2014
IT Project Management Framework, University of Toronto, 2017
IT Project Management Best Practices, ISACA Journal, Volume 1, 2018

A noncompliant control is a control that does not meet the requirements or standards of an audit, regulation, or policy. A noncompliant control can expose the organization to risks such as errors, fraud, or breaches.
When a noncompliant control is identified, the service provider and the client should work together to resolve the issue as soon as possible. However, sometimes the resolution may not be feasible or cost-effective, and the client may decide to accept the risk associated with the noncompliant control.
In this case, the service provider's most appropriate action would be to ask the client to document the formal risk acceptance for the provider. This means that the client should acknowledge the existence and consequences of the noncompliant control, and provide a written justification for accepting the risk. The risk acceptance document should also specify the roles and responsibilities of the service provider and the client, and the duration and conditions of the risk acceptance. The risk acceptance document should be signed by the client's senior management and the service provider's management, and kept as part of the audit evidence.
The other options are not appropriate actions for the service provider. Developing a risk remediation plan overriding the client's decision would be disrespectful and unprofessional, as it would ignore the client's authority and preference. Making a note for this item in the next audit explaining the situation would be insufficient and misleading, as it would imply that the issue is still unresolved and that the service provider is responsible for it. Insisting that the remediation occur for the benefit of other customers would be unreasonable and impractical, as it would disregard the client's business needs and constraints, and potentially harm the relationship between the service provider and the client. References = Risk Acceptance - Institute of Internal Auditors New Guidance on the Evaluation of Non-compliance with the Risk Assessment Standard and its Peer Review Impact - REVISED The Impact of Non-compliance: Understanding The Risks And Consequences

Implementing controls to bring the risk to a level within appetite and accept the residual risk is the best recommendation to senior management when the results of a risk and control assessment indicate a risk scenario can only be partially mitigated, as it helps to balance the costs and benefits of the risk management and control processes, and to align them with the organizational strategy and objectives. A risk and control assessment is a process of identifying, analyzing, and evaluating the risks and controls associated with a specific activity, process, or objective. A risk scenario is a description of a possible event or situation that could cause harm or loss to the organization or its stakeholders. A risk scenario can only be partially mitigated when the existing or proposed controls are not sufficient or effective to reduce the risk to an acceptable level.
A risk appetite is the amount and type of risk that an organization is willing to accept in pursuit of its objectives. A residual risk is the risk that remains after the implementation of controls or risk treatments.
Implementing controls to bring the risk to a level within appetite and accept the residual risk helps to provide the following benefits:
It enables a data-driven and evidence-based approach to risk management and reporting, rather than relying on subjective or qualitative judgments.
It facilitates a consistent and standardized way of measuring and communicating risk levels and exposure across the organization and to the external stakeholders.
It supports the development and implementation of effective and efficient risk response and mitigation strategies and actions that are aligned with the business risk appetite and objectives.
It provides feedback and learning opportunities for the risk management and control processes, and helps to foster a culture of continuous improvement and innovation.
The other options are not the best recommendations to senior management when the results of a risk and control assessment indicate a risk scenario can only be partially mitigated. Implementing a key performance indicator (KPI) to monitor the existing control performance is a useful method to measure and monitor the effectiveness and efficiency of the controls, but it does not address the residual risk or the risk appetite.
Accepting the residual risk in its entirety and obtaining executive management approval is a possible option to deal with the risk scenario, but it may expose the organization to excessive or unacceptable risk, and it may not comply with the legal or regulatory obligations or requirements. Separating the risk into multiple components and avoiding the risk components that cannot be mitigated is a possible option to deal with the risk scenario, but it may not be feasible or practical, and it may create new or additional risks or challenges. References = Risk and Control Self-Assessment (RCSA) - Management Study Guide, IT Risk Resources | ISACA, Risk Mitigation: What It Is and How to Implement It (Free Templates ...

Detailed Explanation:Customizing the risk profile presentation ensures that stakeholders receive information in a format and context relevant to their roles. Tailored communication improves understanding, aligns risk discussions with decision-making needs, and ensures the stakeholders are equipped to act on the information effectively.