A standardized risk taxonomy is a common language and structure for identifying, analyzing, and reporting risks across the enterprise. It enables consistent and comparable risk assessment and aggregation, as well as clear communication and coordination among different divisions. A list of control deficiencies, an enterprise risk ownership policy, and an updated risk tolerance metric are not sufficient to enable management of risk at the enterprise level, as they do not address the issue of risk alignment and integration among divisions.
References = [CRISC Review Manual (Digital Version)], page 42; CRISC by Isaca Actual Free Exam Q&As, question 197.

Risk management provides an approach for individuals and groups to make a decision on how to
deal with potentially harmful situations.
Following are the four phases involved in risk management:
1.Risk identification :The first thing we must do in risk management is to identify the areas of the
project where the risks can occur.
This is termed as risk identification. Listing all the possible risks is proved to be very productive for
the enterprise as we can cure them before it can occur. In risk identification both threats and opportunities are considered, as both carry some level of risk with them. 2.Risk Assessment and Evaluation :Risk assessment use quantitative and qualitative analysis approaches to evaluate each significant risk identified. 3.Risk Prioritization and Response :As many risks are being identified in an enterprise, it is best to give each risk a score based on its likelihood and significance in form of ranking. This concludes whether the risk with high likelihood and high significance must be given greater attention as compared to similar risk with low likelihood and low significance. Hence, risks can be prioritized and appropriate responses to those risks are created. 4.Risk Monitoring :Risk monitoring is an activity which oversees the changes in risk assessment. Over time, the likelihood or significance originally attributed to a risk may change. This is especially true when certain responses, such as mitigation, have been made.

Section: Volume D

The most important factor when assessing the risk of allowing users to access company data from their personal devices is the classification of the data, as it indicates the level of sensitivity, confidentiality, and criticality of the data. Data classification helps to determine the appropriate level of protection and controls that are needed to prevent unauthorized access, disclosure, modification, or loss of the data. Data classification also helps to define the roles and responsibilities of the data owners, custodians, and users, and the acceptable use of the data. The other options are not the most important factors, although they may be relevant or influential in the risk assessment. The type of device may affect the security features and vulnerabilities of the device, but it does not determine the value or impact of the data. The remote management capabilities may affect the ability to monitor, control, or wipe the device in case of theft or loss, but they do not reflect the nature or purpose of the data. The volume of data may affect the storage capacity or performance of the device, but it does not indicate the importance or significance of the data. References = What is BYOD (Bring-Your-Own-Device) - CrowdStrike; Understanding BYOD Policy - Get Certified Get Ahead; Addressing cyber security concerns on employees' personal devices; Personal Devices at Work - Nonprofit Risk Management Center; 10 Keys to an Effective BYOD and Remote Access Policy