A teaming agreement is an example of what type of risk response?

• A.Acceptance
• B.Mitigation
• C.Transfer
• D.Share

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An organization is making significant changes to an application. At what point should the application risk profile be updated?

• A.Upon release to production
• B.After user acceptance testing (UAT)
• C.During backlog scheduling
• D.When reviewing functional requirements

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Which of the following is a risk practitioner's BEST course of action upon learning that a control under internal review may no longer be necessary?

• A.Verify the effectiveness of the original mitigation plan.
• B.Update the status of the control as obsolete
• C.Consult the internal auditor for a second opinion.
• D.Obtain approval to retire the control.

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Which of the following are the MOST important risk components that must be communicated among all the stakeholders?
Each correct answer represents a part of the solution. Choose three.

• A.Various risk response used in the project
• B.Expectations from risk management
• C.Current risk management capability
• D.Status of risk with regard to IT risk
• E.Explanation:
  The broad array of information and the major types of IT risk information that should be communicated are as follows: Expectations from risk management: They include risk strategy, policies, procedures, awareness training, uninterrupted reinforcement of principles, etc. This essential communication drives all subsequent efforts on risk management and sets the overall expectations from risk management. Current risk management capability: This allows monitoring of the status of the risk management engine in the enterprise. It is a key indicator for effective risk management and has predictive value for how well the enterprise is managing risk and reducing exposure. Status with regard to IT risk: This describes the actual status with regard to IT risk including information of risk profile of the enterprise, Key risk indicators (KRIs) to support management reporting on risk, event-loss data, root cause of loss events and options to mitigate risk.

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Which of the following would MOST likely drive the need to review and update key performance indicators (KPIs) for critical IT assets?

• A.Outcomes of periodic risk assessments
• B.The outsourcing of related IT processes
• C.Findings from continuous monitoring
• D.Changes in service level objectives

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