Explanation/Reference:
Explanation:
Using list of possible scenarios with threats and impacts will better frame the range of risk and hence can frame more informative result of qualitative analysis.
Incorrect Answers:
B: Cost and benefit analysis is used for taking financial decisions that can be formal or informal, such as appraisal of any project or proposal. The approach weighs the total cost against the benefits expected, and then identifies the most profitable option. It only decides what type of control should be applied for effective risk management.
C, D: These are not sufficient for producing detailed result.

is incorrect. Transference transfers the risk ownership to a third party, usually for a fee.

is incorrect. Risk mitigation attempts to reduce the probability of a risk event and its
impacts to an acceptable level. Risk mitigation can utilize various forms of control carefully
integrated together.

* A control deficiency is a weakness or flaw in the design or implementation of a control that reduces its effectiveness or efficiency in achieving its intended objective or mitigating the risk that it is designed to address. A control deficiency may be caused by various factors, such as human error, system failure, process inefficiency, resource limitation, etc.
* When determining which control deficiencies are most significant, the most useful information would be the risk analysis results, which are the outcomes or outputs of the risk analysis process that measures and compares the likelihood and impact of various risk scenarios, and prioritizes them based on their significance and urgency. The risk analysis results can help to determine which control deficiencies are most significant by providing the following information:
* The level and priority of the risks that are associated with the control deficiencies, and the potential consequences or impacts that they may cause for the organization if they materialize.
* The gap or difference between the current and desired level of risk, and the extent or degree to which the control deficiencies contribute to or affect the gap or difference.
* The cost-benefit or feasibility analysis of the possible actions or plans to address or correct the control deficiencies, and the expected or desired outcomes or benefits that they may provide for the organization.
* The other options are not the most useful information when determining which control deficiencies are most significant, because they do not provide the same level of detail and insight that the risk analysis results provide, and they may not be relevant or actionable for the organization.
* An exception handling policy is a policy that defines and describes the procedures and guidelines for dealing with the situations or circumstances that deviate from the normal or expected operation or functionality of a control, and that may require special or alternative actions or measures to address or resolve them. An exception handling policy can provide useful information on how to handle or manage the control deficiencies, but it is not the most useful information when determining which control deficiencies are most significant, because it does not indicate the level and priority of the risks that are associated with the control deficiencies, and the potential consequences or impacts that they may cause for the organization.
* A vulnerability assessment is an assessment that identifies and evaluates the weaknesses or flaws in the organization's assets, processes, or systems that can be exploited or compromised by the threats or sources of harm that may affect the organization's objectives or operations. A vulnerability assessment can provide useful information on the existence and severity of the control deficiencies, but it is not the most useful information when determining which control deficiencies are most significant, because it does not indicate the likelihood and impact of the risk scenarios that are associated with the control deficiencies, and the potential consequences or impacts that they may cause for the organization.
* A benchmarking assessment is an assessment that compares and contrasts the organization's performance, practices, or processes with those of other organizations or industry standards, and identifies the strengths, weaknesses, opportunities, or threats that may affect the organization's objectives or operations. A benchmarking assessment can provide useful information on the best practices or improvement areas for the organization, but it is not the most useful information when determining which control deficiencies are most significant, because it does not indicate the level and priority of the risks that are associated with the control deficiencies, and the potential consequences or impacts that they may cause for the organization. References =
* ISACA, CRISC Review Manual, 7th Edition, 2022, pp. 19-20, 23-24, 27-28, 31-32, 40-41, 47-48,
54-55, 58-59, 62-63
* ISACA, CRISC Review Questions, Answers & Explanations Database, 2022, QID 176
* CRISC Practice Quiz and Exam Prep