Isaca Certification CRISC Exam Dumps

A risk map, also known as a risk heat map, is a visual tool that helps an enterprise prioritize risk scenarios by plotting them on a matrix based on their likelihood and impact. A risk map can help to compare and contrast different risk scenarios, as well as to identify the most critical and urgent risks that require attention. A risk map can also help to communicate and report the risk profile and status to the stakeholders and decision makers. Therefore, the placement on the risk map would best help an enterprise prioritize risk scenarios. The other options are not the best ways to help an enterprise prioritize risk scenarios, although they may be relevant and useful. Industry best practices are the standards or guidelines that are widely accepted and followed by the organizations in a specific industry or domain. Industry best practices can help to benchmark and improve the risk management process and performance, but they may not reflect the specific risk context and needs of the enterprise. Degree of variances in the risk is the measure of the variability or uncertainty of the risk, which may affect the accuracy or reliability of the risk assessment and response. Degree of variances in the risk can help to adjust and refine the risk analysis and treatment, but it may not indicate the priority or importance of the risk. Cost of risk mitigation is the amount of resources or expenses that are required or allocated to implement the risk response actions, such as avoiding, transferring, mitigating, or accepting the risk. Cost of risk mitigation can help to evaluate and optimize the risk response options, but it may not determine the priority or urgency of the risk. References = CRISC Review Manual, pages 38-391; CRISC Review Questions, Answers & Explanations Manual, page 892

The most critical factor when designing controls is the involvement of the process owner, who is the person responsible for the performance and outcomes of a business process. The process owner has the best knowledge and understanding of the process objectives, activities, inputs, outputs, resources, and risks. The process owner can provide valuable input and feedback on the design of controls that are relevant, effective, efficient, and aligned with the process goals. The process owner can also ensure that the controls are implemented, monitored, and improved as needed. The involvement of the process owner can also increase the acceptance and ownership of the controls by the process participants and stakeholders. The other options are less critical when designing controls. The involvement of internal audit can provide assurance and advice on the adequacy and effectiveness of the controls, but internal audit is not responsible for the design or implementation of the controls. The quantitative impact of the risk can help to prioritize and justify the controls, but it is not sufficient to determine the appropriate type and level of controls. The identification of key risk indicators can help to monitor and measure the risk and the performance of the controls, but it is not the main driver of the control design. References = Risk IT Framework, ISACA, 2022, p. 181

The most important benefit of key risk indicators (KRIs) is providing an early warning to take proactive actions, because this helps organizations to prevent or mitigate potential risks that may impact their operations, objectives, or performance. KRIs are specific metrics that measure the level and impact of risks, and provide timely signals that something may be going wrong or needs urgent attention. By monitoring and analyzing KRIs, organizations can identify and assess emerging or existing risks, and initiate appropriate risk responses before the risks escalate into significant issues. This can enhance the organization’s resilience, competitiveness, and value creation. The other options are less important benefits of KRIs. Assisting in continually optimizing risk governance is a benefit of KRIs, but it is not the most important one. Risk governance is the framework and process that defines how an organization manages its risks, including the roles, responsibilities, policies, and standards. KRIs can help to evaluate and improve the effectiveness and efficiency of risk governance, but they are not the only factor that influences it. Enabling the documentation and analysis of trends is a benefit of KRIs, but it is not the most important one. Documenting and analyzing trends can help organizations to understand the patterns, causes, and consequences of risks, and to learn from their experiences. However, this benefit is more relevant for historical or retrospective analysis, rather than for proactive action. Ensuring compliance with regulatory requirements is a benefit of KRIs, but it is not the most important one. Compliance is the adherence to the laws, regulations, and standards that apply to an organization’s activities and operations. KRIs can help to monitor and demonstrate compliance, but they are not the only tool or objective for doing so. References = Why Key Risk Indicators Are Important for Risk Management 1

According to the Risk and Information Systems Control documents, implementing record retention tools and techniques is the best solution in this scenario. Record retention involves managing the lifecycle of records, including their creation, usage, storage, and disposal. By implementing record retention policies, organizations can define how long emails and other data should be retained before being deleted. This helps in efficiently managing storage space and reducing unnecessary storage costs.

Establishing e-discovery and data loss prevention (DLP) (Option B) focuses more on legal and compliance aspects and may not directly address the issue of reducing storage costs. Sending notifications when near storage quota (Option C) is a reactive approach and may not prevent the exponential increase in storage costs. Implementing a bring your own device (BYOD) policy (Option D) is unrelated to the issue of email storage costs.

References = Risk and Information Systems Control Study Manual