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Question 60 - IT Risk Fundamentals discussion

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Which of the following occurs earliest in the risk response process?

A.

Developing risk response plans

Answers
A.

Developing risk response plans

B.

Prioritizing risk responses

Answers
B.

Prioritizing risk responses

C.

Analyzing risk response options

Answers
C.

Analyzing risk response options

Suggested answer: C

Explanation:

Risk Response Process Steps:

The risk response process typically involves several key steps: analyzing risk response options, prioritizing risk responses, and developing risk response plans.

Analyzing risk response options occurs earliest because it involves evaluating the various ways to address identified risks.

Step-by-Step Process:

Analyzing Risk Response Options: This is the initial step where different potential responses to the identified risks are considered. Options may include risk acceptance, avoidance, mitigation, or transfer.

Prioritizing Risk Responses: After analyzing the options, the next step is to prioritize them based on factors such as impact, likelihood, and the cost of implementation.

Developing Risk Response Plans: Finally, detailed plans are created for the prioritized risk responses, outlining the specific actions to be taken, resources required, and timelines.

Reference:

ISA 315 (Revised 2019), Anlage 5 provides a framework for understanding the components of risk management, including the evaluation and selection of appropriate risk responses.

asked 18/11/2024
Mian Mudasir Bari
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