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ISACA IT-Risk-Fundamentals Exam Syllabus Topics:

Topic	Details
Topic 1	Risk Intro and Overview: This section of the exam measures the skills of risk management professionals and provides a foundational understanding of risk concepts, including definitions, significance, and the role of risk management in achieving organizational objectives.
Topic 2	Risk Identification: This section focuses on recognizing potential risks within IT systems. It explores various techniques for identifying risks, including threats, vulnerabilities, and other factors that could impact organizational operations.
Topic 3	Risk Assessment and Analysis: This topic evaluates identified risks. Candidates will learn how to prioritize risks based on their assessments, which is essential for making informed decisions regarding mitigation strategies.
Topic 4	Risk Monitoring, Reporting, and Communication: This domain targets tracking and communicating risk information within organizations. It focuses on best practices for monitoring ongoing risks, reporting findings to stakeholders, and ensuring effective communication throughout the organization.
Topic 5	Risk Response: This section measures the skills of risk management professionals tasked with formulating strategies to address identified risks. It covers various approaches for responding to risks, including avoidance, mitigation, transfer, and acceptance strategies.

ISACA IT Risk Fundamentals Certificate Exam Sample Questions (Q31-Q36):

NEW QUESTION # 31
To establish an enterprise risk appetite, an organization should:

A. establish risk tolerance for each business unit.
B. aggregate risk statements for all lines of business.
C. normalize risk taxonomy across the organization.

Answer: A

Explanation:
To establish an enterprise risk appetite, it is essential for an organization to establish risk tolerance for each business unit. Risk tolerance defines the specific level of risk that each business unit is willing to accept in pursuit of its objectives. This approach ensures that risk management is tailored to the unique context and operational realities of different parts of the organization, enabling a more precise and effective risk management strategy. Normalizing risk taxonomy and aggregating risk statements are important steps in the broader risk management process but establishing risk tolerance is fundamental for defining risk appetite at the unit level. This concept is supported by standards such as ISO 31000 and frameworks like COSO ERM (Enterprise Risk Management).

NEW QUESTION # 32
What is the purpose of a control objective?

A. To describe the risk of loss to an asset
B. To describe the result of protecting an asset for a business process
C. To describe the responsibility of stakeholders to protect assets

Answer: B

Explanation:
A control objective is a specific target or goal that a control activity aims to achieve. The primary purpose of a control objective is to ensure that the business processes are conducted in a way that meets the organization's requirements for security, accuracy, and efficiency. Specifically, control objectives:
* Define Desired Outcomes:They describe the expected result of implementing a control, such as protecting an asset, ensuring data integrity, or complying with regulations. For example, a control objective might be to ensure that financial transactions are accurately recorded and reported.
* Guide Control Activities:Control objectives help in designing and implementing control activities.
These activities are then measured against the control objectives to ensure they are effective in achieving the desired outcome.
* Support Risk Management:Control objectives are integral to risk management frameworks as they help in identifying what needs to be controlled to mitigate risks effectively. They provide a benchmark against which the performance of controls can be measured.
References:
* ISA 315 Anlage 5andAnlage 6detail the importance of understanding and defining control objectives within the context of IT controls to ensure they adequately address the risks and support business processes effectively.
* SAP Financial Modules and Reportsinclude various control objectives aimed at protecting assets, ensuring accurate financial reporting, and complying with regulatory requirements.

NEW QUESTION # 33
Which of the following is an example of a tangible and assessable representation of risk?

A. Enterprise risk policy
B. Risk scenario
C. Risk treatment plan

Answer: B

Explanation:
A risk scenario is an example of a tangible and assessable representation of risk. Here's the breakdown:
* Enterprise Risk Policy: This is a document that outlines the organization's approach to risk management. While important, it is not a specific, tangible representation of risk.
* Risk Treatment Plan: This outlines the actions to mitigate identified risks. It is a strategy rather than a representation of specific risks.
* Risk Scenario: This provides a detailed and concrete representation of potential risk events, their causes, and impacts. It allows for assessment and preparation, making it a tangible and assessable representation of risk.
Therefore, a risk scenario is the best example of a tangible and assessable representation of risk.
References:
* ISA 315 Anlage 5 and 6: Understanding risks, scenarios, and their impacts on IT systems and business objectives.
* ISO-27001 and GoBD guidelines on risk management and identification.
These references provide a comprehensive understanding of the concepts and principles involved in IT risk and audit processes.

NEW QUESTION # 34
Which of the following BEST supports a risk-aware culture within an enterprise?

A. Risk is identified, documented, and discussed to make business decisions.
B. Risk issues and negative outcomes are only shared within a department.
C. The enterprise risk management (ERM) function manages all risk-related activities.

Answer: A

Explanation:
A risk-aware culture is one where everyone in the organization is aware of risks and considers them in their decisions. Option C describes this best. When risk is identified, documented, and discussed openly, it becomes part of the decision-making process at all levels. This fosters a proactive approach to risk management.
Option A is incorrect because sharing risk information only within a department creates silos and prevents a holistic view of risk. Option B is incorrect because while the ERM function plays a vital role, it shouldn't manage all risk-related activities. Risk management should be embedded throughout the organization, with individuals at all levels responsible for managing risks within their areas.

NEW QUESTION # 35
Organizations monitor control statuses to provide assurance that:

A. return on investment (ROI) objectives are met.
B. compliance with established standards is achieved.
C. risk events are being fully mitigated.

Answer: B

Explanation:
Purpose of Monitoring Control Statuses:
* Organizations monitor control statuses to ensure that the controls in place are functioning correctly and achieving their intended outcomes.
Providing Assurance:
* Monitoring control statuses provides assurance that the organization is compliant with established standards, regulations, and internal policies.
* Compliance is a critical aspect of governance and risk management, ensuring that the organization operates within legal and regulatory frameworks.
Comparison of Options:
* Bensuring risk events are fully mitigated is an important aspect but is secondary to the overarching goal of compliance.
* Cmeeting ROI objectives is related to financial performance but does not directly relate to the primary purpose of control monitoring, which is compliance.
Conclusion:
* Thus, the primary reason for monitoring control statuses is to provide assurance thatcompliance with established standards is achieved.

NEW QUESTION # 36
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