Which of the following is true for risk management frameworks, standards and practices?
Each correct answer represents a part of the solution. Choose three.

• A.They act as a guide to focus efforts of variant teams.
• B.They result in increase in cost of training, operation and performance improvement.
• C.They provide a systematic view of "things to be considered" that could harm clients or an enterprise.
• D.They assist in achieving business objectives quickly and easily.

Correct Answer: A,C,D

Explanation/Reference:
Explanation:
Frameworks, standards and practices are necessary as:
They provide a systematic view of "things to be considered" that could harm clients or an enterprise.

They act as a guide to focus efforts of variant teams.

They save time and revenue, such as training costs, operational costs and performance improvement

costs.
They assist in achieving business objectives quickly and easily.

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Which of the following is the MOST effective way to mitigate identified risk scenarios?

• A.areas Document the risk tolerance of the organization.
• B.Assign ownership of the risk response plan
• C.Provide awareness in early detection of risk.
• D.Perform periodic audits on identified risk.

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You are the project manager of the PFO project. You are working with your project team members and two subject matter experts to assess the identified risk events in the project. Which of the following approaches is the best to assess the risk events in the project?

• A.Interviews or meetings
• B.Determination of the true cost of the risk event
• C.Probability and Impact Matrix
• D.Root cause analysis
• E.Explanation:
  Risk probability and assessment is completed through interviews and meetings with the
  participants that are most familiar with the risk events, the project work, or have other information
  that can help determine the affect of the risk.
• F.is incorrect. The probability and impact matrix is a tool and technique to prioritize the
  risk events, but it's not the best answer for assessing risk events within the project.
• G.is incorrect. The true cost of the risk event is not a qualitative risk assessment approach.
  It is often done during the quantitative risk analysis process.

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For a large software development project, risk assessments are MOST effective when performed:

• A.during the development of the business case.
• B.at system development.
• C.at each stage of the system development life cycle (SDLC).
• D.before system development begins.

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An enterprise has identified risk events in a project. While responding to these identified risk events, which among the following stakeholders is MOST important for reviewing risk response options to an IT risk.

• A.Information security managers
• B.Internal auditors
• C.Incident response team members
• D.Business managers

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