* A business continuity plan (BCP) is a document that describes the procedures and actions that an organization will take to ensure the continuity of its critical functions and operations in the event of a disruption or disaster12.
* Testing a business continuity plan is a method of evaluating the effectiveness and readiness of the BCP, and identifying and addressing any gaps or weaknesses in the plan34.
* The most cost-effective way to test a business continuity plan is to conduct a tabletop exercise, which is a type of simulation that involves gathering the key stakeholders and participants of the BCP, and discussing and reviewing the roles, responsibilities, and actions that they will take in response to a hypothetical scenario of a disruption or disaster56.
* A tabletop exercise is the most cost-effective way because it requires minimal resources and time, and can be conducted in a regular meeting room or online platform56.
* A tabletop exercise is also the most cost-effective way because it provides a high-level overview and assessment of the BCP, and can identify and address the major issues or challenges that may arise in the implementation of the plan56.
* The other options are not the most cost-effective ways, but rather possible alternatives or supplements that may have different levels of complexity or cost. For example:
* Conducting interviews with key stakeholders is a way of testing a business continuity plan that involves asking and answering questions about the BCP, and collecting feedback and suggestions from the people who are involved or affected by the plan78. However, this way is not the most cost-effective because it may not cover all the aspects or scenarios of the BCP, and may not facilitate the interaction or collaboration among the stakeholders78.
* Conducting a disaster recovery exercise is a way of testing a business continuity plan that involves activating and executing the BCP in a realistic and controlled environment, and measuring the
* outcomes and impacts of the plan . However, this way is not the most cost-effective because it requires a lot of resources and time, and may disrupt or interfere with the normal operations of the organization .
* Conducting a full functional exercise is a way of testing a business continuity plan that involves simulating and testing the BCP in a live and dynamic environment, and involving the external entities and stakeholders that are part of the plan . However, this way is not the most cost-effective because it requires the most resources and time, and may pose the highest risk or challenge to the organization . References =
* 1: Business Continuity Plan (BCP) Definition1
* 2: Business Continuity Planning - Ready.gov2
* 3: Testing, testing: how to test your business continuity plan4
* 4: Comprehensive Guide to Business Continuity Testing | Agility5
* 5: How to Conduct a Tabletop Exercise for Business Continuity3
* 6: Tabletop Exercises: A Guide to Success6
* 7: How to Conduct Testing of a Business Continuity Plan7
* 8: Business Continuity Plan Testing: Interviewing Techniques8
* : Disaster Recovery Testing: A Step-by-Step Guide
* : Disaster Recovery Testing Scenarios: A Guide to Success
* : Functional Exercises: A Guide to Success
* : Functional Exercise Toolkit

The most significant benefit of using a consistent risk ranking methodology across an organization is that it enables a clear understanding of risk levels, as this facilitates the comparison and prioritization of risks, the communication and reporting of risks, and the alignment of risk management with the enterprise's objectives and strategy. A consistent risk ranking methodology is a set of criteria and scales that are used to measure and rate the likelihood and impact of risks, as well as other factors such as urgency, velocity, and persistence. A consistent risk ranking methodology ensures that the risk assessment results are objective, reliable, and comparable across different business units, processes, and projects. The other options are not the most significant benefits of using a consistent risk ranking methodology, although they may be secondary benefits or outcomes of doing so. References = Risk and Information Systems Control Study Manual, Chapter 3: IT Risk Assessment, page 97.

Section: Volume B
Explanation:
Force majeure describes acts of God (Natural disaster), such as tornados and fires, and are usually accepted because there's little than can be done to mitigate these risks.
Incorrect Answers:
B: Transference transfers the risk ownership to a third party, usually for a fee.
C: Enhance is used for a positive risk event, not for force majeure.
D: Mitigation isn't the best choice, as this lowers the probability and/or impact of the risk event.