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Question 781

After undertaking a risk assessment of a production system, the MOST appropriate action is for the risk manager to:

A.inform the IT manager of the concerns and propose measures to reduce them
B.inform the process owner of the concerns and propose measures to reduce them
C.inform the development team of the concerns, and together formulate risk reduction measures
D.recommend a program that minimizes the concerns of that production system

Question 782

An organization has decided to implement an emerging technology and incorporate the new capabilities into its strategic business plan. Business operations for the technology will be outsourced. What will be the risk practitioner's PRIMARY role during the change?

A.Managing third-party risk
B.Managing the threat landscape
C.Updating risk appetite
D.Developing risk scenarios

Question 783

Which of the following is MOST important to include in regulatory and risk updates when a new legal requirement affects the organization?

A.Recommended key risk indicator (KRI) thresholds.
B.Cost of changes to critical business processes.
C.Risk associated with noncompliance.
D.Time frame to remediate noncompliance risk.

Question 784

According to the Section-302 of the Sarbanes-Oxley Act of 2002, what does certification of reports implies?
Each correct answer represents a complete solution. Choose three.

A.The signing officer has evaluated the effectiveness of the issuer's internal controls as of a date at the time to report.
B.The financial statement does not contain any materially untrue or misleading information.
C.The signing officer has reviewed the report.
D.The signing officer has presented in the report their conclusions about the effectiveness of their internal controls based on their evaluation as of that date.

Correct Answer: B,C,D

Section: Volume B
Explanation:
Section 302 of Sarbanes-Oxley act has the tremendous impact on the risk management solution adopted by corporations. This section specifies that the reports must be certified by the CEO, CFO, or other senior officer performing similar functions.
Certification of reports establishes:
* The signing officer has reviewed the report.
* The financial statement does not contain, to the knowledge of signing officer, any materially untrue or misleading information and represent fairly all financial conditions and results of the enterprise's operations.
* The signing officers:
- are responsible for establishing and maintaining internal controls
- have designed such internal controls to ensure that material information relating to the issuer and its consolidated subsidiaries is made - known to such officers by others within those entities, particularly during the period in which the periodic reports are being prepared
- have evaluated the effectiveness of the issuer's internal controls as of a date within 90 days prior to the report
- have presented in the report their conclusions about the effectiveness of their internal controls base on their evaluation as of that date
* The signing officer have disclosed to external auditors, audit committee, and other directors:
- all significant deficiencies in the design or operation of internal controls which could adversely affect the reliability of the reported financial data
- any fraud, whether or not material, that involves management or other employees who have a significant role in the internal controls of the enterprise
* The signing officer have indicated in the report any internal controls or changes to those internal controls which have been implemented since they were evaluated.
Incorrect Answers:
A: The signing officer has evaluated the effectiveness of the issuer's internal controls as of a date within 90 days prior to the report, not at the time of the report.

Question 785

Which of the following is the GREATEST benefit when enterprise risk management (ERM) provides oversight of IT risk management?

A.Aligning IT with short-term and long-term goals of the organization
B.Ensuring senior management's primary focus is on the impact of identified risk
C.Prioritizing internal departments that provide service to customers
D.Ensuring the IT budget and resources focus on risk management