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CRISC Exam Study Guide with Complete Solutions
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CRISC Exam Study Guide with Complete Solutions monitoring effectivness - Answer️️ -depends in large part on its successful integration with reporting Risk indicators - Answer️️ -used to measure risk levels in comparison to defined risk thresholds, so that the organization receives an al...

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  • August 18, 2024
  • 56
  • 2024/2025
  • Exam (elaborations)
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  • crisc exam study guide with complete solutions

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  • CRISC
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©PREP4EXAMS 2024/2025 REAL EXAM DUMPS Tuesday, August 6, 2024 10,57 AM



CRISC Exam Study Guide with Complete Solutions

monitoring effectivness - Answer✔️✔️-depends in large part on its successful

integration with reporting


Risk indicators - Answer✔️✔️-used to measure risk levels in comparison to defined

risk thresholds, so that the organization receives an alert when a risk level

approaches an unacceptable level


KRI support the following aspect of risk management - Answer✔️✔️-- Risk appetite


- risk identification

- risk mitigation

- risk culture

- risk measurement and reporting

- regulatory compliance


KRI mistakes - Answer✔️✔️-- not linked to a specific risk


- incomplete or inaccurate due to unclear specifications

- difficult to measure, aggregate, compare and interpret




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,©PREP4EXAMS 2024/2025 REAL EXAM DUMPS Tuesday, August 6, 2024 10,57 AM


- provide results that cannot be compared over time

- not linked to goals


KRI depends on SMART metrics - Answer✔️✔️--specific


-measurable

-attainable

-relevant

-timely


KRI Factors - Answer✔️✔️--Balance


-Root Cause


Lag indicators - Answer✔️✔️-indicating risk after events have occured


lead indicators - Answer✔️✔️-indicating which controls are in place to prevent

events from occuring


trends - Answer✔️✔️-analyzing indicators over time or correlating indicators to gain

insights


KRI Benifits - Answer✔️✔️--Early warning


- provide backward-looking view on risk events



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,©PREP4EXAMS 2024/2025 REAL EXAM DUMPS Tuesday, August 6, 2024 10,57 AM


- enable documentation and analysis of trends

- providing an indication of the risk appetite and tolerance

- increasing likelihood of achieving the strategic objectives

- assisting in continually optimizing the risk governance and management

environment


Risk indicators should be identified for - Answer✔️✔️-all stakeholders, and IT-based

metrics should be aligned with other metrics used int he organization to the

greatest extent possible


KRI Effectivness - Answer✔️✔️--impact


-effort

-reliability

-sensitivity

-repeatability


KRI Impact - Answer✔️✔️-Indicators of risk with high business impact are most

likely to be a KRI


KRI effort - Answer✔️✔️-for different indicators that are equivalent in sensitivity,

the one that is easier to measure and maintain is preferred



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, ©PREP4EXAMS 2024/2025 REAL EXAM DUMPS Tuesday, August 6, 2024 10,57 AM


KRI reliability - Answer✔️✔️-indicator must process a high coorelation with the risk

and be a good predictor or outcome measure


KRI Sensitivity - Answer✔️✔️-must be representative of risk and capable of

accurately indicating risk variances


KRI repeatability - Answer✔️✔️-must be repeatable and able to measure on a

regular basis to show trends and patterns in activity and results


KRI optimization - Answer✔️✔️--Sensitivity


- Timing

- Frequency

- Corrective Action


KRI Maintenance - Answer✔️✔️-should be evaluated on a regular basis to verify

that each KRI remains properly related to the risk appetite and tolerance levels of

the enterprise, and that KRI trigger levels should be defined at a point that enables

stakeholders to take appropriate action in a timely manner


Performance indicator - Answer✔️✔️-measure how well a process is performing in

terms of it stated goal. put in place to provide insight into whether action may be

required




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