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Question 61 - IT Risk Fundamentals discussion

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Which of the following is MOST important to include when developing a business case for a specific risk response?

A.

Stakeholders responsible for the risk response plan

Answers
A.

Stakeholders responsible for the risk response plan

B.

Communication and status reporting of the related risk

Answers
B.

Communication and status reporting of the related risk

C.

A justification for the expense of the investment

Answers
C.

A justification for the expense of the investment

Suggested answer: C

Explanation:

Importance of Business Case Development:

When developing a business case for a specific risk response, it is crucial to justify the expense of the investment.

The justification ensures that resources are allocated effectively and that stakeholders understand the value and necessity of the investment.

Key Elements of a Business Case:

Justification for Expense: This includes cost-benefit analysis, expected return on investment, and the impact on risk reduction.

Stakeholders Responsible: Identifying who will be responsible for implementing and monitoring the risk response plan.

Communication and Reporting: Plans for keeping stakeholders informed about the status and effectiveness of the risk response.

Reference:

ISA 315 (Revised 2019), Anlage 6 emphasizes the importance of thorough documentation and justification in risk management processes to ensure informed decision-making.

asked 18/11/2024
Benito Gonzalez
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