FREE CRISC Certification Trivia Questions and Answers
What is an illustration of a non-technical control from the list below?
An illustration of a non-technical control is physical security. It is a member of the operational controls family.
You are in charge of the GHT project. On your project, you've identified a risk event that, if it materializes, might prevent $100,000 in project expenditures. Which of the following best sums up this risky event?
The exploit strategy is the best course of action in this situation because this risk occurrence presents a chance to reduce project expenditures. One method for reducing risks or dangers that surface in a project is the exploit reaction. This approach may be chosen for risks with favorable effects when the organization wants to make sure the opportunity is taken advantage of. Exploiting a risk occurrence offers chances to have a beneficial effect on a project. An example of an exploit response is bringing on additional capable personnel to speed up project completion.
Which of the following role holders will determine the enterprise's Key Risk Indicator?
Please select 2 correct answers
A business may have a large number of risk indicators, including records, alarms, and reports. To decide which risk indicators will be regularly monitored and designated as KRIs, the CRISC will typically need to consult with top management and business executives.
Which of the following applications of KRIs is THE MOST crucial?
The most important monitoring indicators for the company are key risk indicators. KRIs are extremely pertinent and have a high likelihood of foretelling or signaling significant risk. KRIs assist in preventing an unreasonably high number of risk indicators that a major organization may have to manage and report.
KRIs are risk indicators, hence their primary role is to properly alert management when a high risk is developing so that it can take preventative action before the risk actually results in a loss.
Which of the following justifications for keeping key risk indicators (KRIs) is the MOST crucial?
Threats and vulnerabilities evolve with time, and KRI maintenance makes sure that KRIs are able to record these changes in an efficient manner.
The internal and external environments of the organization are always changing, which creates a highly dynamic risk environment. To be able to capture changes in threat and vulnerability, the set of KRIs must be modified over time.
You are in charge of an HGT project that just completed the final compilation phase. The project customer has approved the completion of the project, and you only need to complete a few administrative closure tasks. There were a number of significant risks in the project that might have destroyed it, but you and your project team discovered some innovative ways to address the risks without compromising the project's expenses or completion schedule.
What should you do with the risk reactions you discovered throughout the monitoring and controlling procedure for the project?
In order for other project managers to leverage the risk responses in their projects, if applicable, they should be added to the organization's database of lessons learned.
You are in charge of managing a sizable building project. The completion of this project will cost $750,000 and take 18 months. Before the project work starts, you are collaborating with your project team, specialists, and stakeholders to identify project risks. Management is curious as to why you have so many risk identification meetings scheduled throughout the project as opposed to just at the beginning, during project planning.
What makes the duplicate risk identification sessions the most effective?
Since new risks may develop or become known as the project moves through its life cycle, risk identification is an iterative process.