CRISC: Certified in Risk and Information Systems Control

You are the project manager of a HGT project that has recently finished the final compilation process. The project customer has signed off on the project completion and you have to do few administrative closure activities. In the project, there were several large risks that could have wrecked the project but you and your project team found some new methods to resolve the risks without affecting the project costs or project completion date. What should you do with the risk responses that you have identified during the project's monitoring and controlling process?

Include the responses in the project management plan.
Include the risk responses in the risk management plan.
Include the risk responses in the organization's lessons learned database.
Nothing. The risk responses are included in the project's risk register already.

Correct answer: C

Explanation:

The risk responses that do not exist up till then, should be included in the organization's lessons learned database so other project managers can use these responses in their project if relevant. Incorrect Answers:A: The responses are not in the project management plan, but in the risk response plan during the project and they'll be entered into the organization's lessons learned database.B: The risk responses are included in the risk response plan, but after completing the project, they should be entered into the organization's lessons learned database.D: If the new responses that were identified is only included in the project's risk register then it may not be shared with project managers working on some other project.

The risk responses that do not exist up till then, should be included in the organization's lessons learned database so other project managers can use these responses in their project if relevant.

Incorrect Answers:

A: The responses are not in the project management plan, but in the risk response plan during the project and they'll be entered into the organization's lessons learned database.

B: The risk responses are included in the risk response plan, but after completing the project, they should be entered into the organization's lessons learned database.

D: If the new responses that were identified is only included in the project's risk register then it may not be shared with project managers working on some other project.

You are the project manager of GHT project. You have identified a risk event on your project that could save $100,000 in project costs if it occurs. Which of the following statements BEST describes this risk event?

This risk event should be mitigated to take advantage of the savings.
This is a risk event that should be accepted because the rewards outweigh the threat to the project.
This risk event should be avoided to take full advantage of the potential savings.
This risk event is an opportunity to the project and should be exploited.

Correct answer: D

Explanation:

This risk event has the potential to save money on project costs, so it is an opportunity, and the appropriate strategy to use in this case is the exploit strategy. The exploit response is one of the strategies to negate risks or threats appear in a project. This strategy may be selected for risks with positive impacts where the organization wishes to ensure that the opportunity is realized. Exploiting a risk event provides opportunities for positive impact on a project. Assigning more talented resources to the project to reduce the time to completion is an example of exploit response. Incorrect Answers:A, C: Mitigation and avoidance risk response is used in case of negative risk events, and not in positive risk events. Here in this scenario, as it is stated that the event could save $100,000, hence it is a positive risk event. Therefore should not be mitigated or avoided.B: To accept risk means that no action is taken relative to a particular risk; loss is accepted if it occurs. But as this risk event bring an opportunity, it should me exploited and not accepted.

This risk event has the potential to save money on project costs, so it is an opportunity, and the appropriate strategy to use in this case is the exploit strategy. The exploit response is one of the strategies to negate risks or threats appear in a project. This strategy may be selected for risks with positive impacts where the organization wishes to ensure that the opportunity is realized. Exploiting a risk event provides opportunities for positive impact on a project. Assigning more talented resources to the project to reduce the time to completion is an example of exploit response.

Incorrect Answers:

A, C: Mitigation and avoidance risk response is used in case of negative risk events, and not in positive risk events. Here in this scenario, as it is stated that the event could save $100,000, hence it is a positive risk event. Therefore should not be mitigated or avoided.

B: To accept risk means that no action is taken relative to a particular risk; loss is accepted if it occurs. But as this risk event bring an opportunity, it should me exploited and not accepted.

Which of the following role carriers will decide the Key Risk Indicator of the enterprise?

Each correct answer represents a part of the solution. Choose two.

Business leaders
Senior management
Human resource
Chief financial officer

Correct answer: AB

Explanation:

An enterprise may have hundreds of risk indicators such as logs, alarms and reports. The CRISC will usually need to work with senior management and business leaders to determine which risk indicators will be monitored on a regular basis and be recognized as KRIs. Incorrect Answers:C, D: Chief financial officer and human resource only overview common risk view, but are not involved in risk based decisions.

An enterprise may have hundreds of risk indicators such as logs, alarms and reports. The CRISC will usually need to work with senior management and business leaders to determine which risk indicators will be monitored on a regular basis and be recognized as KRIs.

Incorrect Answers:

C, D: Chief financial officer and human resource only overview common risk view, but are not involved in risk based decisions.

Vendor:	ISACA
Exam Code:	CRISC
Exam Name:	Certified in Risk and Information Systems Control
Date:	Dec 04, 2019
File Size:	2 MB

Download Certified in Risk and Information Systems Control.CRISC.Test4Prep.2019-12-04.389q.tqb

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