Free Access ISACA.CRISC.v2022-05-05.q821 Practice Test (Page 8)

Question 31

An organization has introduced risk ownership to establish clear accountability for each process. To ensure effective risk ownership, it is MOST important that:

A.risk owners have decision-making authority.

B.senior management has oversight of the process.

C.segregation of duties exists between risk and process owners.

D.process ownership aligns with IT system ownership.

Question 32

You are the project manager of GHT project. Your project team is in the process of identifying project risks on your current project. The team has the option to use all of the following tools and techniques to diagram some of these potential risks EXCEPT for which one?

A.Process flowchart

B.Ishikawa diagram

C.Influence diagram

D.Decision tree diagram

Question 33

A part of a project deals with the hardware work. As a project manager, you have decided to hire a company to deal with all hardware work on the project. Which type of risk response is this?

A.Transference

B.Mitigation

C.Avoidance

D.Exploit

E.Explanation:
When you are hiring a third party to own risk, it is known as transference risk response. Risk transfer means that impact of risk is reduced by transferring or otherwise sharing a portion of the risk with an external organization or another internal entity. Transfer of risk can occur in many forms but is most effective when dealing with financial risks. Insurance is one form of risk transfer.

Question 34

Which of the following processes is described in the statement below?
"It is the process of implementing risk response plans, tracking identified risks, monitoring residual risk, identifying new risks, and evaluating risk process effectiveness throughout the project."

A.Perform Quantitative Risk Analysis

B.Monitor and Control Risks

C.Identify Risks

D.Perform Qualitative Risk Analysis

E.Explanation:
Monitor and Control Risk is the process of implementing risk response plans, tracking identified risks, monitoring residual risk, identifying new risks, and evaluating risk process effectiveness throughout the project. It can involve choosing alternative strategies, executing a contingency or fallback plan, taking corrective action, and modifying the project management plan.

Question 35

What is the value of exposure factor if the asset is lost completely?

A.1

B.Infinity

C.10

D.0

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