Question 681 · 1449 in bank
Which of the following provides the MOST reliable information to evaluate the current state of control effectiveness?
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Answer: C
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Which of the following provides the MOST reliable information to evaluate the current state of control effectiveness?
Answer: C
Which of the following is an example of risk sharing?
Answer: D
D. Engaging in a code escrow agreement In a code escrow agreement, the source code of a software application is deposited with a third-party escrow agent. If the software vendor fails to meet certain obligations, such as maintaining the software or providing support, the source code can be released to the licensee. By engaging in a code escrow agreement, the risk associated with reliance on the software vendor is shared between the vendor and the licensee. If the vendor fails to fulfill its obligations, the licensee has access to the source code, mitigating the risk of dependency on the vendor.
Source: Adapted from community discussion — Baddest
Which of the following is MOST important to identify when developing top-down risk scenarios?
Answer: D
You are the risk control professional of your enterprise. You have implemented a tool that correlates information from multiple sources. To which of the following do this monitoring tool focuses?
Answer: A
Monitoring tools that focuses on transaction data generally correlate information from one system to another, such as employee data from the human resources (HR) system with spending information from the expense system or the payroll system. Incorrect Answers: B: Process integrity is confirmed within the system, it does not need monitoring. C: Configuration settings are generally compared against predefined values and not based on the correlation between multiple sources. D: System changes are compared from a previous state to the current state, it does not correlate information from multiple sources.
Which of the following is the MOST effective way to help ensure a risk treatment plan remains on track?
Answer: D
What is the MOST important consideration when selecting key performance indicators (KPIs) for control monitoring?
Answer: D
An organization is considering an Internet of Things (IoT) technology solution to manage its supply chain. Which of the following presents the GREATEST risk to the organization in this situation?
Answer: A
An organization is in the process of reviewing its risk appetite statement and re-defining the risk tolerance threshold. Which of the following elements of the risk register is MOST likely to change as a result of this review?
Answer: B
A large organization recently restructured the IT department and has decided to outsource certain functions. What action should the control owners in the IT department take?
Answer: A
When functions are outsourced, the risk landscape changes, and it is important for control owners to assess whether the current risk responses are still appropriate for the new structure and outsourcing arrangements. Outsourcing can introduce new risks or change the nature of existing ones, so ensuring that the risk responses (controls, processes, etc.) are still effective is a critical first step
Source: Adapted from community discussion — Sara98
Which of the following is a PRIMARY benefit of using facilitated workshops to develop IT risk scenarios?
Answer: C
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