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Vendor: | Isaca |
---|---|
Exam Code: | IT-Risk-Fundamentals |
Exam Name: | IT Risk Fundamentals Certificate Exam |
Exam Questions: | 75 |
Last Updated: | October 4, 2025 |
Related Certifications: | IT Risk Fundamentals |
Exam Tags: | Intermediate Level Risk Management Professionals |
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Organizations monitor control statuses to provide assurance that:
Purpose of Monitoring Control Statuses:
Organizations monitor control statuses to ensure that the controls in place are functioning correctly and achieving their intended outcomes.
Providing Assurance:
Monitoring control statuses provides assurance that the organization is compliant with established standards, regulations, and internal policies.
Compliance is a critical aspect of governance and risk management, ensuring that the organization operates within legal and regulatory frameworks.
Comparison of Options:
B ensuring risk events are fully mitigated is an important aspect but is secondary to the overarching goal of compliance.
C meeting ROI objectives is related to financial performance but does not directly relate to the primary purpose of control monitoring, which is compliance.
Conclusion:
Thus, the primary reason for monitoring control statuses is to provide assurance that compliance with established standards is achieved.
Incomplete or inaccurate data may result in:
Incomplete or inaccurate data results in integrity risk. Here's a detailed explanation:
Availability Risk: This pertains to the accessibility of data and systems. It ensures that data and systems are available for use when needed. Incomplete or inaccurate data doesn't necessarily impact the availability but rather the quality of the data.
Relevance Risk: This involves the appropriateness of the data for a specific purpose. While incomplete or inaccurate data might affect relevance, it primarily impacts the data's trustworthiness and correctness.
Integrity Risk: This is directly concerned with the accuracy and completeness of data. Integrity risk arises when data is incomplete or inaccurate, leading to potential errors in processing, decision-making, and reporting. Ensuring data integrity means ensuring that the data is both accurate and complete.
Therefore, the primary risk associated with incomplete or inaccurate data is integrity risk.
Publishing l&T risk-related policies and procedures BEST enables an enterprise to:
Publishing IT risk-related policies and procedures sets the overall expectations for risk management within an enterprise. These documents provide a clear framework and guidelines for how risk should be managed, communicated, and mitigated across the organization. They outline roles, responsibilities, and processes, ensuring that all employees understand their part in the risk management process. This clarity helps align the organization's efforts towards a common goal and fosters a risk-aware culture. While holding management accountable and ensuring regulatory compliance are important, the primary role of these policies is to set the tone and expectations for managing risks effectively, as emphasized by standards such as ISO 27001 and COBIT.
In the context of enterprise risk management (ERM), what is the overall role of l&T risk management stakeholders?
In the context of enterprise risk management (ERM), stakeholders play a crucial role in shaping and supporting the risk management framework within the organization. Here is a detailed explanation of the roles and why option A is the correct answer:
Option A: Stakeholders set direction and provide support for risk management practices
This option accurately describes the overarching role of stakeholders in ERM. Stakeholders, including senior management and the board of directors, are responsible for establishing the risk management policies and frameworks. They provide the necessary resources, guidance, and oversight to ensure that risk management practices are integrated into the organizational processes. This support is essential for creating a risk-aware culture and for ensuring that risk management objectives align with the business goals.
Option B: Stakeholders are accountable for all risk management activities within an enterprise
This statement is overly broad. While stakeholders are accountable for ensuring that a robust risk management framework is in place, the actual execution of risk management activities is typically the responsibility of designated risk management teams and individual business units.
Option C: Stakeholders are responsible for protecting enterprise assets to achieve business objectives
Although stakeholders have a role in protecting enterprise assets, this responsibility is more specific and does not encompass the broader role of setting direction and providing support for the overall risk management framework.
Conclusion: Option A correctly captures the essential role of stakeholders in ERM, which involves setting the strategic direction for risk management and providing the necessary support to implement and maintain effective risk management practices.
For risk reporting to adequately reflect current risk management capabilities, the risk report should be based on the enterprise:
Understanding Risk Reporting:
For risk reporting to accurately reflect current risk management capabilities, it should be based on the organization's current risk profile, which provides a comprehensive view of all identified risks, their severity, and their impact on the organization.
Components of Risk Reporting:
Risk Management Framework (A) provides the overall approach and guidelines for managing risk but does not reflect the current state of risks.
Risk Appetite (C) defines the level of risk the organization is willing to accept but does not detail the current risks being managed.
Current Risk Profile:
The risk profile offers a detailed snapshot of the current risks, including emerging risks, changes in existing risks, and the effectiveness of the controls in place to manage these risks.
This aligns with guidelines from frameworks such as ISO 31000 and COSO ERM, which stress the importance of a dynamic and current view of the risk landscape for effective risk reporting.
Conclusion:
Therefore, to reflect current risk management capabilities, the risk report should be based on the enterprise's risk profile.
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