is incorrect. 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 knownas 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. Answer:A is incorrect. 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) Answer:D is incorrect. 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 tocontemplate, and then explain, the issues at hand with the added benefit of increasing their accountability.

Payroll system risk mitigation plans are the actions that are taken to reduce or eliminate the risk associated with payroll processing. When a migration from an in-house developed system to an external cloud-based solution is affecting a previously rated key risk scenario related to payroll processing, the first part of the risk register that should be updated is the payroll system risk mitigation plans. This is because the migration may introduce new risks or change the existing risks, and the risk mitigation plans may need to be revised or replaced accordingly. Updating the payroll system risk mitigation plans can help ensure that the risk level is acceptable and the payroll process is secure and reliable. According to the CRISC Review Manual 2022, one of the key risk treatment techniques is to update the risk action plan, which is a document that outlines the risk mitigation plans1. According to the CRISC Review Questions, Answers & Explanations Manual 2022, updating the risk mitigation plans is the correct answer to this question2.
Payroll system risk factors, payroll process owner, and payroll administrative controls are not the first part of the risk register that should be updated when a migration is affecting a key risk scenario. Payroll system risk factors are the sources or causes of risk, such as threats, vulnerabilities, or uncertainties. Payroll process owner is the person who is responsible for the payroll process and its outcomes. Payroll administrative controls are the policies, procedures, or guidelines that govern the payroll process. These parts of the risk register may also need to be updated, but they are not as urgent or critical as the risk mitigation plans. Updating the risk factors, process owner, and administrative controls can help identify, assess, and monitor the risk, but they do not directly address the risk response. The risk response is the most important part of the risk management process, as it determines how the risk is handled and controlled.

The recovery time objective (RTO) is a metric that defines the maximum acceptable time frame for restoring a system or service after a disruption. The RTO is determined by the business impact and requirements of the system or service, as well as the risk appetite and tolerance of the organization. The calculation of the RTO is necessary to determine the priority of restoration, which means the order and urgency of recovering the systems or services based on their criticality and dependency. The priority of restoration helps to optimize the use of resources and minimize the downtime and losses during a disaster recovery. The other options are not the correct answers, as they are not the main purpose of calculating the RTO. The time required to restore files is a factor that affects the RTO, but it is not the outcome of the RTO calculation. The point of synchronization is the point in time to which the data must be restored to ensure consistency and accuracy.
The point of synchronization is related to the recovery point objective (RPO), not the RTO. The annual loss expectancy (ALE) is a measure of the expected loss per year due to a specific risk or threat. The ALE is calculated by multiplying the single loss expectancy (SLE) by the annualized rate of occurrence (ARO). The ALE is not directly related to the RTO, although it may influence the RTO determination. References
= Recovery Time Objective (RTO) - What Is It, Examples, Calculation; CRISC Review Manual, pages 197-
1981; CRISC Review Questions, Answers & Explanations Manual, page 842