Skip to main content

4.7 Changes to IT Risk Profile


4.7 Changes to IT Risk Profile


  • Risk practitioners should ensure that the risk profile of the organization should be evaluated at periodic intervals to determine the changes to the risk profile.


  • Risk profile may change on account of following factors:


  • Implementation of new technologies

  • Changes in business processes

  • Changes in regulatory requirements

  • Changes in market demand and customer requirements

  • Changes in competitor’s policy


  • Risk profile of an organization may be affected by the cascading effects of minor changes.


  • With change in risk profile, objectives and goals of the risk management process should be reviewed to ensure that they continue to be aligned with the goals and objectives of the organization.


  • Changes in the organization’s risk profile is to be updated in the risk register. Risk registers should be able to provide status of the organization’s current risk profile.


  • Primary reason to determine the changes is the risk profile is to evaluate whether additional response is required to reduce the risk.


  • Risk profile of the organization changes over the time. Periodic monitoring of key risk indicators proactively identifies the changes in the risk profile. Once changes are identified, additional controls can be implemented to keep the risk within the appetite.



Key aspects from CRISC exam perspective



CRISC Questions 

Possible Answer 

Which is the best document to identify changes in an organization’s risk profile?    

 

Risk register

What are the primary reasons to determine the changes in the risk profile?    


  • To determine if additional response is required

  • To enable educated decision making

What is the primary reason for periodically monitoring key risk indicators?

Risk profile may have changed


   

Self-Assessment Questions


Flashcards - 4.7 Changes to IT Risk Profile

Practice Questions - 4.7 Changes to IT Risk Profile




Popular posts from this blog

2.7 Risk Analysis Methodologies

2.7 Risk Analysis Methodologies Risk analysis is the process of ranking of various risk so that areas of high can be prioritized for treating them.   Risk can be measured and ranked by use of any of the following methods:   Quantitative Risk Assessment Qualitative Risk Assessment Semi-quantitative Risk Assessment   Factor that influence the selection for above technique is availability of accurate data for risk assessment. When data source is accurate and reliable, organization will prefer quantitative risk assessment as it will give risk value in some numeric terms like monitory values. Monetary value is easy to evaluate to determine the risk response. Quantitative Risk Assessment In quantitative risk assessment, risk is measured on the basis on numerical values. This helps in cost benefit analysis as risk in monetary term can be easily compared to cost of various risk responses.   In quantitative risk assessment, various statist...
Read more

30% Discount - CRISC Recorded Lecture

We are pleased to announce that we are offering CRISC recorded lectures at 30% discount. Please use below link to avail the discount https://www.udemy.com/course/crisc-with-hemang-doshi/?couponCode=CRISCMARCH21037
Read more

2.5 Project & Program Management

2.5 Project & Program Management ·          It is very important for a risk practitioner to monitor the risk related to the management of the projects.   ·          Some of major reason for failing of IT projects are:   §   Scope creep i.e. requirements are not properly defined at the initial phase. §   Lack planning resulting into over budget and unavailability of skilled resources. §   Lack of structured project management process. §   Systems not tested before implementation §   Compliance or regulatory issues   ·          Root cause for the system failure is to be determined so the learnings can be applied to all the future projects.   ·          Major cause for a project failure is delay in completion. It may happen to make for the time lapsed...
Read more