Isaca IT Risk Fundamentals Practice Test - Questions Answers, Page 8

Importance of Monitoring Controls:

Monitoring implemented controls is a critical aspect of risk management and audit practices. The primary goal is to ensure that the controls are functioning as intended and effectively mitigating identified risks.

Effectiveness and Risk Management:

Controls are put in place to manage risks to acceptable levels, as determined by the organization's risk appetite and risk management framework. Regular monitoring helps in verifying the effectiveness of these controls and whether they continue to manage risks appropriately.

Reference from the ISA 315 standard emphasize the importance of evaluating and monitoring controls to ensure they address the risks they were designed to mitigate.

Other Considerations:

While enabling IT operations to meet agreed service levels (B) and mitigating regulatory compliance risks (C) are important, they are secondary to the primary purpose of ensuring controls are effective in managing risk.

Effective risk management encompasses meeting service levels and compliance, but these are outcomes of having robust, effective controls.

Conclusion:

Therefore, the most important reason to monitor implemented controls is to ensure they are effective and manage risk to the desired level.

Communicating Cybersecurity Profile:

When presenting the organization's cybersecurity profile to management, it is crucial to focus on the effectiveness of the security measures in place and their ability to minimize risks.

Clarity and Relevance:

Statement A ('The probability of a cyber attack varies between unlikely and very likely') is too vague and does not provide actionable information.

Statement B ('Risk management believes the likelihood of a cyber attack is not imminent') lacks specificity and does not detail the measures taken.

Effectiveness of Security Measures:

Statement C highlights the proactive steps taken to configure security measures to minimize risk. This approach is more likely to instill confidence in management about the current cybersecurity posture.

According to best practices in IT risk management, as outlined in various frameworks such as NIST and ISO 27001, focusing on the effectiveness and configuration of security controls is key to managing cybersecurity risks.

Conclusion:

Thus, the statement best suited for presentation to management is: Security measures are configured to minimize the risk of a cyber attack.

Risk analysis is used to estimate the frequency and magnitude of a given risk scenario. Here's the breakdown:

Risk Analysis: This process involves identifying and evaluating risks to estimate their likelihood (frequency) and potential impact (magnitude). It includes both qualitative and quantitative methods to understand the nature of risks and their potential consequences.

Risk Register: This is a tool used to document risks, including their characteristics and management strategies. It does not perform the analysis itself but records the results of the risk analysis process.

Risk Governance: This refers to the framework and processes for managing risks at an enterprise level. It includes the policies, procedures, and structures to ensure effective risk management but does not directly involve estimating frequency and magnitude.

Therefore, risk analysis is the correct method for estimating the frequency and magnitude of a risk scenario.

The Delphi technique is used to gather different types of potential risk ideas to be validated and ranked by individuals or small groups during interviews. Here's why:

Brainstorming Model: This involves generating ideas in a group setting, typically without immediate validation or ranking. It is more about idea generation than structured analysis.

Delphi Technique: This method uses structured communication, typically through questionnaires, to gather and refine ideas from experts. It involves multiple rounds of interviews where feedback is aggregated and shared, allowing participants to validate and rank the ideas. This iterative process helps in achieving consensus on potential risks.

Monte Carlo Analysis: This is a quantitative method used for risk analysis involving simulations to model the probability of different outcomes. It is not used for gathering and ranking ideas through interviews.

Therefore, the Delphi technique is the appropriate method for gathering, validating, and ranking potential risk ideas during interviews.