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A risk practitioner has been asked to assess the risk associated with a new critical application used by a financial process team that the risk practitioner was a member of two years ago. Which of the following is the GREATEST concern with this request?
Participation in the risk assessment may constitute a conflict of interest, because it may create a situation where the risk practitioner's personal or professional interests or relationships interfere with their objectivity, independence, or impartiality in conducting the risk assessment. A conflict of interest is a type of risk that may compromise the integrity, quality, or validity of the risk assessment process and outcomes, and may damage the reputation or trust of the risk practitioner or the organization. A conflict of interest may arise when the risk practitioner has a direct or indirect connection or involvement with the subject or stakeholder of the risk assessment, such as a previous or current role, responsibility, or relationship, that may influence or bias theirjudgment or decision. Participation in the risk assessment may constitute a conflict of interest, as the risk practitioner may have a prior or residual interest or loyalty to the financial process team or the new critical application, and may not be able to assess the risk in a fair and unbiased manner.
The risk assessment team being overly confident of its ability to identify issues, the risk practitioner being unfamiliar with recent application and process changes, and the risk practitioner still having access rights to the financial system are all possible concerns with the request, but they are not the greatest concern, as they do not necessarily imply a conflict of interest, and they may be mitigated or resolved by other means, such as training, documentation, or review.
Which of the following information is MOST useful to a risk practitioner for developing IT risk scenarios?
Developing IT Risk Scenarios:
Risk scenarios are hypothetical events that describe potential threats and their impact on business operations. These scenarios are essential for identifying and assessing risks.
Importance of Potential Impact Events:
Events that could potentially impact the business provide the most useful information for developing risk scenarios because they directly relate to the organization's objectives and operations.
Understanding these events helps in crafting realistic and relevant risk scenarios that can guide risk assessment and mitigation efforts.
Components of Risk Scenarios:
Threat Actors:Identify who might exploit vulnerabilities.
Threat Events:Describe the specific events that could impact the business.
Business Impact:Assess how these events would affect business operations, finances, reputation, etc.
Using Impact Events for Scenario Development:
Focusing on events that could disrupt critical business functions ensures that the scenarios are relevant and actionable.
It enables the risk practitioner to communicate the potential consequences effectively to stakeholders and prioritize mitigation efforts accordingly.
Comparing Other Information Sources:
Published Vulnerabilities:Useful for understanding specific threats but may not directly relate to business impact.
Threat Actors:Important for identifying potential sources of risk but not sufficient alone for scenario development.
IT Assets:Relevant for risk assessment but secondary to understanding potential impact events.
References:
The CRISC Review Manual discusses the importance of considering events that could impact the business when developing risk scenarios (CRISC Review Manual, Chapter 2: IT Risk Assessment, Section 2.4 Risk Scenario Development).
In an organization with a mature risk management program, which of the following would provide the BEST evidence that the IT risk profile is up to date?
A risk register is a tool that records and tracks the risks that may affect the organization, as well as the actions that are taken or planned to manage them1.A risk register provides the best evidence that the IT risk profile is up to date, because it reflects the current and potential IT risks that the organization faces, as well as their likelihood, impact, severity, owner, status, and response2.An IT risk profile is a document that describes the types, amounts, and priority of IT risk that the organization finds acceptable and unacceptable3.An IT risk profile is developed collaboratively with various stakeholders within the organization, including business leaders, data and process owners, enterprise risk management, internal and external audit, legal, compliance, privacy, and IT risk management and security4. By maintaining and updating the risk register regularly, the organization can ensure that the IT risk profile is aligned with the changing IT risk environment, and that the IT risk management activities and performance are consistent and effective. The other options are not the best evidence that the IT risk profile is up to date, as they are either less comprehensive or less relevant than the risk register.A risk questionnaire is a tool that collects and analyzes the opinions and perceptions of the stakeholders about the risks that may affect the organization5. A risk questionnaire can help to identify and assess the risks, as well as to communicate and report on the risk status and issues. However, a risk questionnaire is not the best evidence that the IT risk profile is up to date, as it may not capture all the IT risks that the organization faces, or reflect the actual or objective level and nature of the IT risks. A management assertion is a statement or declaration made by the management about the accuracy and completeness of the information or data that they provide or report. A management assertion can help to increase the confidence and trust of the stakeholders and auditors in the information or data, as well as to demonstrate the accountability and responsibility of the management. However, a management assertion is not the best evidence that the IT risk profile is up to date, as it does not provide the details or outcomes of the IT risk management activities or performance, or verify the validity and reliability of the IT risk information or data. A compliance manual is a document that contains the policies, procedures, and standards that the organization must follow to meet the legal, regulatory, or contractual requirements that apply to its activities or operations. A compliance manual can help to ensure the quality and consistency of the organization's compliance activities or performance, as well as to avoid or reduce the penalties or sanctions for non-compliance. However, a compliance manual is not the best evidence that the IT risk profile is up to date, as it does not address the IT risks that the organization faces, or the IT risk management activities or performance.Reference= Risk and Information Systems Control Study Manual, 7th Edition, Chapter 2, Section 2.1.5, Page 55.
Which of the following is a KEY consideration for a risk practitioner to communicate to senior management evaluating the introduction of artificial intelligence (Al) solutions into the organization?
Artificial intelligence (AI) solutions can offer significant benefits to an organization, such as improved efficiency, accuracy, and innovation. However, AI also poses new challenges and risks that need to be considered and addressed by senior management. Some of these risks include:
Ethical and social risks: AI solutions may have unintended or undesirable impacts on human values, rights, and behaviors, such as privacy, fairness, accountability, and transparency. For example, AI systems may exhibit bias, discrimination, or manipulation, or may infringe on personal data or autonomy.
Technical and operational risks: AI solutions may have vulnerabilities, errors, or failures that affect their performance, reliability, or security. For example, AI systems may be subject to hacking, tampering, or misuse, or may malfunction or produce inaccurate or harmful outcomes.
Legal and regulatory risks: AI solutions may have unclear or conflicting legal or regulatory implications or obligations, such as liability, compliance, or governance. For example, AI systems may raise questions about ownership, responsibility, or accountability, or may violate existing laws or regulations, or create new ones.
Therefore, a risk practitioner should communicate to senior management that AI potentially introduces new types of risk that need to be identified, assessed, and managed in alignment with the organization's objectives, values, and risk appetite.Reference= ISACA CRISC Review Manual, 7th Edition, Chapter 3, Section 3.2.2, page 113.
Deviation from a mitigation action plan's completion date should be determined by which of the following?
Deviation from a mitigation action plan's completion date should be determined by the risk owner as determined by risk management processes, because the risk owner is the person or entity who has the accountability and authority to manage the risk and its associated mitigation actions. The risk owner should monitor and report the progress and status of the mitigation action plan, and determine if there is any deviation from the expected completion date, based on the risk management processes and criteria. The other options are not the ones who should determine the deviation, because:
Option A: Change management as determined by a change control board is a process that ensures that any changes to the project scope, schedule, cost, or quality are controlled and approved, but it does not determine the deviation from the mitigation action plan's completion date, which is a risk management activity.
Option B: Benchmarking analysis with similar completed projects is a technique that compares the performance and practices of the current project with those of similar or successful projects, but it does not determine the deviation from the mitigation action plan's completion date, which is a risk management activity.
Option C: Project governance criteria as determined by the project office is a set of rules and standards that define the roles, responsibilities, and authority of the project stakeholders, but it does notdetermine the deviation from the mitigation action plan's completion date, which is a risk management activity.Reference= Risk and Information Systems Control Study Manual, 7th Edition, ISACA, 2020, p. 122.
