Questions and Answers
What is the primary focus of managing IT-related business risk?
Who is responsible for giving final approval on the IT risk management plan?
Which scenario is an example of 'Financial Risk'?
Which of the following is an example of 'Strategic Risk'?
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Which factor is critical when choosing a suitable risk management methodology?
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What does a management statement of acceptable deviation from project timelines exemplify?
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What best represents 'Compliance Risk'?
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Which of the following is considered a preventive control in information security?
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An enterprise security policy is an example of which type of control?
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What is MOST important when mitigating or managing risk?
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What is an example of a compensating control?
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Which control category does 'Security Awareness Training' belong to?
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Corporate information security policy development should primarily consider what factor?
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Study Notes
IT Risk Management Fundamentals
- Primary focus is to protect information, emphasizing the importance of data security in IT.
- Final sign-off on the IT risk management plan must come from senior managers, ensuring accountability at the executive level.
Risk Management Methodologies
- When selecting a risk management methodology, risk culture is crucial, reflecting the organization's attitude towards risk.
- Acceptable deviation in project timelines or budgets represents risk tolerance, which gauges how much variance is permissible before action is required.
Controls in Information Security
- An example of a preventive control is data encryption, designed to prevent unauthorized access to sensitive information.
- Compensating controls can be exemplified by backup power supply, which provides an alternative solution to mitigate risks when primary controls fail.
Security Training and Policy Development
- Implementation of security awareness training is categorized as a preventive control, enhancing knowledge to prevent security breaches.
- Development of corporate information security policy should primarily be based on assets, focusing on what needs protection in the organization.
Roles and Responsibilities
- Risk owner is accountable for the risk treatment plan, taking responsibility for managing identified risks.
- A risk treatment plan should be developed when the current risk level exceeds tolerance, ensuring compliance with organizational risk appetite.
Types of Risks
- Financial risk example includes fluctuations in currency exchange rates impacting profitability.
- Strategic risk relates to decisions, such as entering a new market that leads to financial loss.
- Compliance risk arises from non-adherence to regulations, like failing to comply with data protection laws and facing penalties.
Control Types in Security
- An enterprise security policy is classified as a management control, guiding organizational behavior regarding risk management.
- When managing risk, the risk appetite and tolerance levels are the most critical considerations, as they align risk management practices with organizational goals.
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Description
Test your knowledge on IT risk management concepts with this quiz. You'll answer questions focusing on business risk protection, final approvals of risk management plans, and selecting appropriate methodologies. Challenge yourself to see how well you understand these critical IT management topics.
