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The most important input into the assessment of the risk of shadow IT usage is the classification of the data that is being processed, stored, or transmitted by the unauthorized applications or devices. This determines the level of confidentiality, integrity, and availability that is required for the data and the potential impact of a breach or loss. Business benefits of shadow IT, application-related expenses, and volume of data are less important inputs that may affect the risk analysis, but not as much as the data classification. References = Risk IT Framework, 2nd Edition, page 28; CRISC Review Manual, 6th Edition, page 98.

A legacy system is an old or outdated IT system that is still in use by an organization. A legacy system may pose various risks to the organization, such as security vulnerabilities, compatibility issues, performance degradation, maintenance challenges, etc. When an internal audit report reveals that a legacy system is no longer supported by the vendor or the manufacturer, the risk practitioner’s most important action before recommending a risk response is to assess the potential impact and cost of mitigation, which means to estimate the consequences and expenses of the risk event if the legacy system fails or malfunctions. By assessing the potential impact and cost of mitigation, the risk practitioner can evaluate the risk exposure and determine the appropriate risk response, such as accepting, avoiding, transferring, or reducing the risk. References = 4

The situation that presents the greatest challenge to creating a comprehensive IT risk profile of an organization is having inaccurate documentation of enterprise architecture (EA). EA is the blueprint that describes the structure and operation of an organization, including its business processes, information systems, technology infrastructure, and governance. EA helps to align the IT strategy and objectives with the business strategy and objectives, and to identify and manage the IT risks and opportunities. Having inaccurate documentation of EA could lead to incomplete, inconsistent, or misleading information about the organization’s IT environment, which could affect the quality and reliability of the IT risk profile. The other situations are not as challenging as having inaccurate documentation of EA, although they may also pose some difficulties or limitations for the IT risk profile. References = Risk and Information Systems Control Study Manual, Chapter 2, Section 2.2.1, page 2-12.

The standard operating procedure (SOP) statement that best illustrates appropriate risk register maintenance is to remove risk when mitigation results in residual risk within tolerance levels. Residual risk is the risk that remains after the risk response or mitigation has been applied. Tolerance levels are the acceptable or allowable ranges of variation or deviation from the expected or desired outcomes or objectives. When the mitigation results in residual risk within tolerance levels, it means that the risk has been reduced or managed to an acceptable or satisfactory level, and that no further action or monitoring is required. Therefore, the risk can be removed from the risk register, as it is no longer a significant or relevant risk for the organization. The other options are not as appropriate as removing risk when mitigation results in residual risk within tolerance levels, as they are related to the transfer, acceptance, or change of the risk, not the removal of the risk. References = Risk and Information Systems Control Study Manual, Chapter 2: IT Risk Assessment, Section 2.4: IT Risk Response, page 87.