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A business continuity plan (BCP) is:
Definition and Purpose:
A Business Continuity Plan (BCP) is a document that outlines how a business will continue operating during an unplanned disruption in service. It focuses on the processes and procedures necessary to ensure that critical business functions can continue.
BCP Components:
The BCP typically includes Business Impact Assessments (BIAs), which identify critical functions and the impact of a disruption.
It also encompasses risk assessments, recovery strategies, and continuity strategies for critical business functions.
Explanation of Options:
A methodical plan detailing the steps of incident response activities describes more of an Incident Response Plan (IRP).
B a document of controls that reduce the risk of losing critical processes could be part of a BCP but is more characteristic of a risk management plan.
C accurately reflects the BCP's focus on identifying and mitigating risks to business functions through BIAs, making it the most comprehensive and accurate description.
Conclusion:
Therefore, C correctly identifies a BCP as a document that focuses on BIAs to manage risks to critical business processes.
In the context of enterprise risk management (ERM), what is the overall role of l&T risk management stakeholders?
In the context of enterprise risk management (ERM), stakeholders play a crucial role in shaping and supporting the risk management framework within the organization. Here is a detailed explanation of the roles and why option A is the correct answer:
Option A: Stakeholders set direction and provide support for risk management practices
This option accurately describes the overarching role of stakeholders in ERM. Stakeholders, including senior management and the board of directors, are responsible for establishing the risk management policies and frameworks. They provide the necessary resources, guidance, and oversight to ensure that risk management practices are integrated into the organizational processes. This support is essential for creating a risk-aware culture and for ensuring that risk management objectives align with the business goals.
Option B: Stakeholders are accountable for all risk management activities within an enterprise
This statement is overly broad. While stakeholders are accountable for ensuring that a robust risk management framework is in place, the actual execution of risk management activities is typically the responsibility of designated risk management teams and individual business units.
Option C: Stakeholders are responsible for protecting enterprise assets to achieve business objectives
Although stakeholders have a role in protecting enterprise assets, this responsibility is more specific and does not encompass the broader role of setting direction and providing support for the overall risk management framework.
Conclusion: Option A correctly captures the essential role of stakeholders in ERM, which involves setting the strategic direction for risk management and providing the necessary support to implement and maintain effective risk management practices.
Which of the following risk analysis methods gathers different types of potential risk ideas to be validated and ranked by an individual or small groups during interviews?
The Delphi technique is used to gather different types of potential risk ideas to be validated and ranked by individuals or small groups during interviews. Here's why:
Brainstorming Model: This involves generating ideas in a group setting, typically without immediate validation or ranking. It is more about idea generation than structured analysis.
Delphi Technique: This method uses structured communication, typically through questionnaires, to gather and refine ideas from experts. It involves multiple rounds of interviews where feedback is aggregated and shared, allowing participants to validate and rank the ideas. This iterative process helps in achieving consensus on potential risks.
Monte Carlo Analysis: This is a quantitative method used for risk analysis involving simulations to model the probability of different outcomes. It is not used for gathering and ranking ideas through interviews.
Therefore, the Delphi technique is the appropriate method for gathering, validating, and ranking potential risk ideas during interviews.
The MOST important reason to monitor implemented controls is to ensure the controls:
Importance of Monitoring Controls:
Monitoring implemented controls is a critical aspect of risk management and audit practices. The primary goal is to ensure that the controls are functioning as intended and effectively mitigating identified risks.
Effectiveness and Risk Management:
Controls are put in place to manage risks to acceptable levels, as determined by the organization's risk appetite and risk management framework. Regular monitoring helps in verifying the effectiveness of these controls and whether they continue to manage risks appropriately.
Reference from the ISA 315 standard emphasize the importance of evaluating and monitoring controls to ensure they address the risks they were designed to mitigate.
Other Considerations:
While enabling IT operations to meet agreed service levels (B) and mitigating regulatory compliance risks (C) are important, they are secondary to the primary purpose of ensuring controls are effective in managing risk.
Effective risk management encompasses meeting service levels and compliance, but these are outcomes of having robust, effective controls.
Conclusion:
Therefore, the most important reason to monitor implemented controls is to ensure they are effective and manage risk to the desired level.
To address concerns of increased online skimming attacks, an enterprise is training the software development team on secure software development practices. This is an example of which of the following risk response strategies?
The enterprise is addressing concerns about increased online skimming attacks by training the software development team on secure software development practices. This is an example of risk mitigation because it involves taking steps to reduce the likelihood or impact of the risk.
Risk Response Strategies Overview:
Risk Acceptance: Choosing to accept the risk without taking any action.
Risk Avoidance: Taking action to completely avoid the risk.
Risk Mitigation: Implementing measures to reduce the likelihood or impact of the risk.
Risk Transfer: Shifting the risk to another party (e.g., through insurance).
Explanation of Risk Mitigation:
Risk mitigation involves implementing controls and measures that will lessen the risk's likelihood or impact.
Training the software development team on secure software development practices directly addresses the potential vulnerabilities that could be exploited in online skimming attacks, thereby reducing the risk.
ISA 315 (Revised 2019), Anlage 6 discusses the importance of understanding and implementing IT controls to mitigate risks associated with IT systems.
