Isaca CRISC Based on Real Exam Environment

 Understanding the Question:

The question focuses on the primary reason for communicating risk assessment results to data owners.

 Analyzing the Options:

A. Design of appropriate controls: This is important but not the primary reason for communication.

B. Industry benchmarking of controls: This is secondary to the main goal of communicating risk.

C. Prioritization of response efforts: This enables data owners to allocate resources and address the most critical risks first.

D. Classification of information assets: This is typically part of the initial risk assessment process, not the main communication goal.

 Detailed Explanation:

Communication of Risk Assessment Results: Ensuring data owners understand the results of risk assessments allows them to make informed decisions on where to focus their efforts.

Prioritization: Data owners can prioritize their actions based on the assessed risk levels, ensuring that resources are allocated efficiently to mitigate the most significant risks.

References:

CRISC Review Manual, Chapter 3: Risk Response and Reporting, details the importance of communicating risk assessment results for effective risk management and response prioritization​​.

Including action plans ensures that identified risks are appropriately addressed, providing clarity and accountability for treatment activities. This aligns with Risk Treatment and Reporting.

The primary reason for a risk practitioner to report changes and trends in the IT risk profile to senior management is to ensure that IT risk is managed within acceptable limits, because it helps to inform and advise the senior management on the current state and direction of IT risk, and to support the risk-based decision making and prioritization. An IT risk profile is a summary of the key IT risks that an organization faces, and their implications for the organization’s objectives and strategy. An IT risk profile may change or evolve over time, due to factors such as new technologies, business initiatives, or external events. Reporting changes and trends in the IT risk profile to senior management is the primary reason, as it helps to ensure that the senior management is aware of and prepared for the IT risk challenges and opportunities, and that the IT risk is managed within the acceptable limits defined by the organization’s risk appetite and tolerance. To ensure risk owners understand their responsibilities, to ensure the organization complies with legal requirements, and to ensure the IT risk awareness program is effective are all possible reasons for reporting changes and trends in the IT risk profile, but they are not the primary reason, as they are not directly related to the management of IT risk within acceptable limits. References = Risk and Information Systems Control Study Manual, Chapter 3, Section 3.2.3, page 91

Internal audit provides independent assurance to the board and senior management regarding the effectiveness of risk management program implementation, consistent with Governance and Assurance Principles.