Isaca IT-Risk-Fundamentals Dumps Questions Answers

Risk maps, often visual tools representing risks across different dimensions (such as likelihood and impact), are valuable in identifying risk response activities that can be optimized for greater efficiency. Here's a detailed explanation:

Understanding Risk Maps: Risk maps provide a visual representation of various risks within an organization. These maps typically plot risks on a matrix, with axes representing the likelihood of occurrence and the potential impact on the organization.

Purpose of Risk Maps: The primary objective of using risk maps is to help organizations prioritize their risk management efforts. By visualizing risks, organizations can better understand which risks need immediate attention and which can be monitored over time.

Identifying Efficient Risk Response Activities: Risk maps facilitate the identification of risk response activities that can be made more efficient. This is done by highlighting areas where multiple risks overlap or where current risk response activities may be redundant or overlapping. By analyzing these overlaps, organizations can streamline their risk response activities, thus improving efficiency and reducing costs.

References to Professional Guidelines: According to ISA 315, an understanding of an entity’s environment, including its risk assessment process, helps in identifying risks of material misstatement. Similarly, understanding how the entity responds to these risks can help auditors and risk managers in planning and optimizing risk response activities​​​​.

The objective of a frequency analysis is to determine how often a particular risk scenario might be expected to occur during a specified period of time. Here’s the explanation:

To Determine How Often Risk Mitigation Strategies Should Be Evaluated and Updated Within a Specific Timeframe: This pertains to the management and updating of mitigation strategies, not the core purpose of frequency analysis.

To Determine How Many Risk Scenarios Will Impact Business Objectives Over a Given Period of Time: This relates to impact analysis rather than frequency analysis. Frequency analysis focuses on the likelihood of specific events.

To Determine How Often a Particular Risk Scenario Might Be Expected to Occur During a Specified Period of Time: This is the primary objective of frequency analysis. It involves calculating the probability of specific risk events occurring within a certain timeframe, helping organizations understand and prepare for potential occurrences.

Therefore, the main objective of frequency analysis is to determine the expected occurrence rate of specific risk scenarios within a given period.

References:

ISA 315 Anlage 5 and 6: Detailed guidelines on risk assessment and analysis methodologies​​​​.

ISO-27001 and GoBD standards for risk management and business impact analysis​​​​.

These references provide a comprehensive understanding of the principles and methodologies involved in IT risk and audit processes.

Legacy systems using older technology often suffer from the inability to patch or apply system updates, representing a significant vulnerability. This lack of updates can leave the system exposed to known security vulnerabilities, making it an attractive target for cyberattacks. Additionally, unsupported systems may not receive critical updates necessary for compliance with current security standards and regulations. While rising maintenance costs and lost opportunities are also concerns, the primary vulnerability lies in the system's inability to be updated, which directly impacts its security posture. This issue is highlighted in various IT security frameworks, including ISO 27001 and NIST SP 800-53.