According to the CRISC Review Manual, the risk owner is the person who has the authority and accountability to manage a specific risk and its associated controls1. The risk owner is also responsible for ensuring that the risk is within the acceptable level and that the risk response is effective and efficient2.
Therefore, the most appropriate owner for a newly identified IT risk is the individual who has the authority to commit organizational resources to mitigate the risk, as they have the most interest and influence on the risk and its impact on the business objectives. The other options are not the most appropriate owners for a newly identified IT risk, as they may not have the authority or the accountability to manage the risk. The manager responsible for IT operations that will support the risk mitigation efforts may have the operational responsibility or the oversight of the risk management activities, but they may not have the authority to allocate the resources or approve the risk response. A project manager capable of prioritizing the risk remediation efforts may have the project management skills or the knowledge of the risk management process, but they may not have the accountability or the ownership of the risk or its outcomes. The individual with the most IT risk-related subject matter knowledge may have the technical expertise or the understanding of the risk and its causes, but they may not have the decision-making power or the responsibility to manage the risk or its controls. References = CRISC Review Manual, pages 32-331; CRISC Review Questions, Answers & Explanations Manual, page 822

* A risk assessment is a process of measuring and comparing the likelihood and impact of various risk scenarios, and prioritizing them based on their significance and urgency. A risk assessment can help the organization to understand and document the risks that may affect its objectives and operations, and to support the decision making and planning for the risk management.
* Performing a risk assessment would be the most helpful to understand the impact of a new technology system on an organization's current risk profile, because it can help the organization to address the following questions:
* What are the potential benefits and challenges of implementing the new technology system, and how do they align with the organization's objectives and needs?
* What are the existing or emerging risks that may affect the new technology system, and how do they relate to the organization's current risk profile?
* How likely and severe are the risks that may affect the new technology system, and what are the possible consequences or impacts for the organization and its stakeholders?
* How can the risks that may affect the new technology system be mitigated or prevented, and what are the available or feasible options or solutions?
* Performing a risk assessment can help the organization to understand the impact of the new technology system on its current risk profile by providing the following benefits:
* It can enable the comparison and evaluation of the current and desired state and performance of the organization's risk management function, and to identify and quantify the gaps or opportunities for improvement.
* It can provide useful references and benchmarks for the alignment and integration of the new technology system with the organization's risk management function, and for the compliance with the organization's risk policies and standards.
* It can support the implementation and monitoring of the new technology system, and for the allocation and optimization of the resources, time, and budget for the new technology system.
* The other options are not the most helpful to understand the impact of a new technology system on an organization's current risk profile, because they do not provide the same level of detail and insight that performing a risk assessment provides, and they may not be specific or applicable to the organization's objectives and needs.
* Hiring consultants specializing in the new technology means engaging or contracting external experts or professionals that have the skills and knowledge on the new technology system, and that can provide advice or guidance on the implementation and management of the new technology system. Hiring consultants specializing in the new technology can help the organization to enhance its competence and performance on the new technology system, but it is not the most helpful, because it does not measure and compare the likelihood and impact of the risks that may affect the new technology system, and it may not be relevant or appropriate for the organization's current risk profile.
* Reviewing existing risk mitigation controls means examining and evaluating the adequacy and effectiveness of the controls or countermeasures that are intended to reduce or eliminate the risks that may affect the organization's objectives and operations. Reviewing existing risk mitigation controls can help the organization to improve and optimize its risk management function, but it is not the most helpful, because it does not identify and prioritize the risks that may affect the new technology system, and it may not cover all the relevant or significant risks that may affect the new technology system.
* Conducting a gap analysis means comparing and contrasting the current and desired state and performance of the organization's objectives and operations, and identifying and quantifying the gaps or differences that need to be addressed or corrected. Conducting a gap analysis can help the organization to identify and document its improvement needs and opportunities, but it is not the most helpful, because it does not measure and compare the likelihood and impact of the risks that may affect the new technology system, and it may not be aligned or integrated with the organization's current risk profile. 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 208
* CRISC Practice Quiz and Exam Prep

Section: Volume D
Explanation/Reference:
Explanation:
The plan risk response project management process aims to reduce the threats to the project objectives and to increase opportunities. It follows the perform qualitative risk analysis process and perform quantitative risk analysis process. Plan risk response process includes the risk response owner to take the job for each agreed- to and funded risk response. This process addresses the risks by their priorities, schedules the project management plan as required, and inserts resources and activities into the budget. The inputs to the plan risk response process are as follows:
* Risk register
* Risk management plan
Incorrect Answers:
A: Quantitative analysis is the use of numerical and statistical techniques rather than the analysis of verbal material for analyzing risks. Some of the quantitative methods of risk analysis are:
* Internal loss method
* External data analysis
* Business process modeling (BPM) and simulation
* Statistical process control (SPC)
B: Identify Risks is the process of determining which risks may affect the project. It also documents risks' characteristics. The Identify Risks process is part of the Project Risk Management knowledge area. As new risks may evolve or become known as the project progresses through its life cycle, Identify Risks is an iterative process. The process should involve the project team so that they can develop and maintain a sense of ownership and responsibility for the risks and associated risk response actions. Risk Register is the only output of this process.
D: Qualitative analysis is the definition of risk factors in terms of high/medium/low or a numeric scale (1 to 10).
Hence it determines the nature of risk on a relative scale.
Some of the qualitative methods of risk analysis are:
* Scenario analysis- This is a forward-looking process that can reflect risk for a given point in time.
* Risk Control Self -assessment (RCSA) - RCSA is used by enterprises (like banks) for the identification and evaluation of operational risk exposure. It is a logical first step and assumes that business owners and managers are closest to the issues and have the most expertise as to the source of the risk. RCSA is a constructive process in compelling business owners to contemplate, and then explain, the issues at hand with the added benefit of increasing their accountability.

Section: Volume D
Explanation:
Probability of achieving time and cost estimates is an update that is produced from the Quantitative risk analysis process. In Qualitative risk analysis probability of occurrence of a specific risk is identified but not of achieving time and cost estimates.