CRISC Part 1 Questions With Complete
Solutions
What does the Risk Identification Process involve? 1) Identify Assets
2) Identify Threats
3) Identify Existing Controls
4) Identify Vulnerabilities
5) Identify Consequences
6) Risk Estimation
What are examples of Threats? personnel, natural events, theft, terrorism, criminal acts,
software errors, mechanical failure, accidents
The IT risk action plan is an output communication from? Chief Risk Officer and the
Enterprise Risk Management Committee
What is risk Magnitude? The impact to the enterprise when the event occurs
What are synonyms for Frequency and Magnitude? Likelihood and Impact
, CRISC Part 1 Questions With Complete
Solutions
What is Risk Appetite? The amount of risk, on a broad level, that an entity is willing tot
accept in pursuit of its mission
What is Risk Tolerance? 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? Oversight of the business risk strategy for the
enterprise
What are the 3 objectives of Risk Governance? 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? 1) Alignment
2) Value Delivery
3) Risk Management
, CRISC Part 1 Questions With Complete
Solutions
4) Performance Measurement
5) Resource Management
What is the difference between Responsibility and Accountability? 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? Stress Test
What is the rough allocation of risk relevant to almost all organizations? Financial Risk
(35%)
Strategic Risk (25%)
Operational Risk (25%)
Solutions
What does the Risk Identification Process involve? 1) Identify Assets
2) Identify Threats
3) Identify Existing Controls
4) Identify Vulnerabilities
5) Identify Consequences
6) Risk Estimation
What are examples of Threats? personnel, natural events, theft, terrorism, criminal acts,
software errors, mechanical failure, accidents
The IT risk action plan is an output communication from? Chief Risk Officer and the
Enterprise Risk Management Committee
What is risk Magnitude? The impact to the enterprise when the event occurs
What are synonyms for Frequency and Magnitude? Likelihood and Impact
, CRISC Part 1 Questions With Complete
Solutions
What is Risk Appetite? The amount of risk, on a broad level, that an entity is willing tot
accept in pursuit of its mission
What is Risk Tolerance? 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? Oversight of the business risk strategy for the
enterprise
What are the 3 objectives of Risk Governance? 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? 1) Alignment
2) Value Delivery
3) Risk Management
, CRISC Part 1 Questions With Complete
Solutions
4) Performance Measurement
5) Resource Management
What is the difference between Responsibility and Accountability? 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? Stress Test
What is the rough allocation of risk relevant to almost all organizations? Financial Risk
(35%)
Strategic Risk (25%)
Operational Risk (25%)
