Free Access ISACA.CRISC.v2022-08-23.q834 Practice Test (Page 25)

Question 116

Which of the following statements are true for risk communication? Each correct answer represents a complete solution. Choose three.

A.It requires a practical and deliberate scheduling approach to identify stakeholders, actions, and concerns.

B.It helps in allocating the information concerning risk among the decision-makers.

C.It requires investigation and interconnectivity of procedural, legal, social, political, and economic factors.

D.It defines the issue of what a stakeholders does, not just what it says.

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 117

Which of the following is the BEST method of creating risk awareness in an organization?

A.Ensuring senior management commitment to risk training

B.Appointing the risk manager from the business units

C.Marking the risk register available to project stakeholders

D.Providing regular communication to risk managers

Question 118

Who should be responsible for strategic decisions on risk management?

A.Business process owner

B.Chief information officer (CIO)

C.Audit committee

D.Executive management team

Question 119

Which of the following items is considered as an objective of the three dimensional model within the framework described in COSO ERM?

A.Risk assessment

B.Financial reporting

C.Control environment

D.Monitoring

Question 120

Which of the following will BEST mitigate the risk associated with IT and business misalignment?

A.Introducing an established framework for IT architecture

B.Establishing business key performance indicators (KPIs)

C.Involving the business process owner in IT strategy

D.Establishing key risk indicators (KRIs)

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