CRISC Exam Questions & Answers
What is the primary force for driving privacy? - ANS - Regulation
What is Confidentiality? - ANS - Maintains the secrecy and privacy of data
"need to know / least privilege"
What is Int
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CRISC Exam Questions & Answers
What is the primary force for driving privacy? - ANS - Regulation
What is Confidentiality? - ANS - Maintains the secrecy and privacy of data
"need to know / least privilege"
What is Integrity? - ANS - Guarding against improper information modification, exclusion, or
destruction
"authenticity"
What is Availability? - ANS - Providing timely and reliable access to information
What is the order of Information Security Risk Management Process steps? - ANS - 1) Context
Establishment
2) Risk Identification
3) Risk Analysis
4) Risk Evaluation
5) Risk Treatment
What does the Risk Identification Process involve? - ANS - 1) Identify Assets
2) Identify Threats
3) Identify Existing Controls
4) Identify Vulnerabilities
5) Identify Consequences
6) Risk Estimation
What are examples of Threats? - ANS - personnel, natural events, theft, terrorism, criminal acts,
software errors, mechanical failure, accidents
The IT risk action plan is an output communication from? - ANS - Chief Risk Officer and the
Enterprise Risk Management Committee
What is risk Magnitude? - ANS - The impact to the enterprise when the event occurs
What are synonyms for Frequency and Magnitude? - ANS - Likelihood and Impact
What is Risk Appetite? - ANS - The amount of risk, on a broad level, that an entity is willing tot
accept in pursuit of its mission
What is Risk Tolerance? - ANS - The acceptable level of variation that management is willing to
allow for any particular risk as it pursues its objectives
What does Risk Governance address? - ANS - Oversight of the business risk strategy for the
enterprise
What are the 3 objectives of Risk Governance? - ANS - 1) Establish a common risk view
2) Integrate risk management into the enterprise
3) Make risk-aware business decisions
What are the 5 components of Governance? - ANS - 1) Alignment
2) Value Delivery
3) Risk Management
4) Performance Measurement
5) Resource Management
What is the difference between Responsibility and Accountability? - ANS - Responsibility
belong to those who must ensure that activities are completed successfully
VS
Accountability which applies to those who either own the required resource or those who have
the authority to approve the execution and/or accept the outcome of an activity
What is another term for IT Risk Scenario Analysis? - ANS - Stress Test
What is the rough allocation of risk relevant to almost all organizations? - ANS - Financial Risk
(35%)
Strategic Risk (25%)
Operational Risk (25%)
Legal and Compliance Risk (15%)
What are the Four CRISC domains?
(which also represent the cyclic process of IT Risk Management) - ANS - 1) IT Risk
Identification
2) IT Risk Assessment
3) Risk Response and Mitigation
4) Risk and Control Monitoring and Reporting
What is a Risk? - ANS - When a threat exploits a vulnerability which damages an asset which
breaks a business process
How do you classify assets? - ANS - Using an Information/Data Classification Policy
Which line of defense is a CRISC? - ANS - 2nd line
Which line of defense is a CIO? - ANS - 1st line
Which level of Management accepts a risk? - ANS - Executive management (i.e. CEO)
What is Control Risk? - ANS - When the controls chosen to mitigate risk are incorrect
What is the #1 Project Risk? - ANS - Failure to meet expectations
What are the 4 ways to deal with a risk? - ANS - 1) avoid
2) mitigate
3) accept
4) transfer
Is IT Risk part of Op Risk? - ANS - Yes
What is the framework that SOX controls are based on? - ANS - COSO 2013
What are the 6 types of controls? - ANS - 1) Policy
2) Standard
3) Procedure
4) Process
5) Org structure
6) Physical entity (e.g. security guard)
(80% of controls are Procedures / Processes)
Anyone who manages risk should not report to..... - ANS - Someone who delivers value
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