Free Access ISACA.CRISC.v2022-05-05.q821 Practice Test (Page 28)

Question 131

Which of the following processes is described in the statement below?
"It is the process of exchanging information and views about risks among stakeholders, such as groups, individuals, and institutions."

A.Risk governance

B.Risk identification

C.Risk response planning

D.Risk communication

E.Explanation:
Risk communication is the process of exchanging information and views about risks among stakeholders, such as groups, individuals, and institutions. Risk communication is mostly concerned with the nature of risk or expressing concerns, views, or reactions to risk managers or institutional bodies for risk management. The key plan to consider and communicate risk is to categorize and impose priorities, and acquire suitable measures to reduce risks. It is important throughout any crisis to put across multifaceted information in a simple and clear manner. Risk communication helps in switching or allocating the information concerning risk among the decision-maker and the stakeholders. Risk communication can be explained more clearly with the help of the following definitions: It defines the issue of what a group does, not just what it says. It must take into account the valuable element in user's perceptions of risk. It will be more valuable if it is thought of as conversation, not instruction.
Risk communication is a fundamental and continuing element of the risk analysis exercise, and the involvement of the stakeholder group is from the beginning. It makes the stakeholders conscious of the process at each phase of the risk assessment. It helps to guarantee that the restrictions, outcomes, consequence, logic, and risk assessment are undoubtedly understood by all the stakeholders.

Question 132

What is the PRIMARY benefit of risk monitoring?

A.It facilitates communication of threat levels.

B.It reduces the number of audit findings.

C.It facilitates risk-aware decision making.

D.It provides statistical evidence of control efficiency.

Question 133

You are the project manager for your company and a new change request has been approved for your project. This change request, however, has introduced several new risks to the project. You have communicated these risk events and the project stakeholders understand the possible effects these risks could have on your project. You elect to create a mitigation response for the identified risk events. Where will you record the mitigation response?

A.Risk register

B.Risk log

C.Project management plan

D.Risk management plan

Question 134

Who should be accountable for ensuring effective cybersecurity controls are established?

A.Security management function

B.Enterprise risk function

C.Risk owner

D.IT management

Question 135

A risk owner has accepted a high-impact risk because the control was adversely affecting process efficiency. Before updating the risk register, it is MOST important for the risk practitioner to:

A.ensure suitable insurance coverage is purchased.

B.obtain approval from senior management.

C.reassess the risk to confirm the impact.

D.negotiate with the risk owner on control efficiency.

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