Irm Quiz - Information Risk Management
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Information Risk Management (IRM) is a form of risk minimization through policies, procedures, and technology which reduce the threat of cyber attacks from vulnerabilities and bad data security and from third-parties.
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Questions and Answers
- 1.
It is risk to the existence or profit of the organization and may or may not have information security significance.
- A.
Strategic Risk
- B.
Tactical Risk
- C.
Operational Risk
Correct Answer
A. Strategic RiskExplanation
Strategic risk refers to a potential threat or danger that could negatively impact the overall existence or profitability of an organization. This type of risk is closely associated with the long-term goals and strategic decisions of the organization. It involves assessing and managing risks that may arise from changes in the business environment, competition, market trends, or regulatory factors. Strategic risk may or may not have information security significance, depending on the specific circumstances and the nature of the organization's operations.Rate this question:
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- 2.
It is risk to the information security program’s ability to mitigate relevant strategic risk to information.
- A.
Strategic Risk
- B.
Tactical Risk
- C.
Operational Risk
Correct Answer
B. Tactical RiskExplanation
Tactical risk refers to the potential threats and vulnerabilities that can impact the day-to-day operations and activities of an organization. It involves the implementation and execution of strategies and plans to achieve specific objectives. In the context of information security, tactical risk poses a danger to the effectiveness of the information security program in addressing and mitigating strategic risks related to information. This means that if there are tactical risks present, it can hinder the program's ability to protect sensitive information and prevent potential breaches or attacks.Rate this question:
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- 3.
It is concerned with the ability to implement the tactical risk-based control objectives. Such risk includes budget, timelines, and technologies.
- A.
Strategic Risk
- B.
Tactical Risk
- C.
Operational Risk
Correct Answer
C. Operational RiskExplanation
Operational risk refers to the risk associated with the day-to-day operations and activities of an organization. It involves the potential for losses due to inadequate or failed internal processes, systems, or human errors. This can include risks related to budget management, project timelines, and the implementation of new technologies. Operational risk focuses on the practical aspects of risk management and aims to ensure that the organization can effectively implement the necessary control objectives to mitigate these risks.Rate this question:
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- 4.
Is providing a feedback mechanism is use for continuous process improvement, true or false?
- A.
True
- B.
False
Correct Answer
A. TrueExplanation
Providing a feedback mechanism is indeed used for continuous process improvement. Feedback allows for the identification of areas that need improvement, helps in understanding customer needs and expectations, and provides insights for making necessary adjustments and enhancements to processes. It enables organizations to gather valuable information and data, analyze it, and take appropriate actions to improve their processes and deliver better results. Continuous feedback loops are essential for organizations to stay agile, adapt to changing circumstances, and continuously enhance their performance and outcomes.Rate this question:
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- 5.
Not included as Risk Management Process
- A.
Set Scope
- B.
Address Risk
- C.
Measure Performance
- D.
Quality Assurance
Correct Answer
D. Quality AssuranceExplanation
Quality Assurance is not included as a risk management process because it is a process that focuses on ensuring that the project deliverables meet the defined quality standards. It involves activities such as quality planning, quality control, and quality improvement. While risk management is concerned with identifying, analyzing, and mitigating risks that may affect the project's objectives, quality assurance is focused on verifying and validating that the project outputs meet the required quality criteria. Although both processes are important for project success, they serve different purposes and have distinct activities and objectives.Rate this question:
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- 6.
________ are negative events that occur when a vulnerability or weakness is exploited.
Correct Answer
ThreatsExplanation
Threats are negative events that occur when a vulnerability or weakness is exploited. They can be intentional or unintentional actions that can cause harm to a system or organization. Threats can include cyberattacks, data breaches, physical damage, or any other action that can compromise the security or integrity of a system. It is important to identify and mitigate threats to protect against potential risks and vulnerabilities.Rate this question:
- 7.
Threat forecasting examines multiple information sources or sensors. Th reat sensors may include
- A.
Regulatory noncompliance
- B.
Technical Vulnerabilities
- C.
Program Reviews
Correct Answer
C. Program ReviewsExplanation
Threat forecasting involves analyzing various sources of information or sensors to identify potential threats. In this context, program reviews can be considered as one of the threat sensors. Program reviews allow organizations to assess the effectiveness of their security measures and identify any weaknesses or vulnerabilities. By reviewing programs, organizations can proactively identify and address potential threats before they can be exploited. Therefore, program reviews are an important aspect of threat forecasting and contribute to enhancing overall security.Rate this question:
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- 8.
Risk assessments look at the ability of the information security program to identify and mitigate relevant strategic risk to information.
- A.
Strategic Assessment
- B.
Option Operational Assessment
- C.
Tactical Assessment
Correct Answer
C. Tactical AssessmentExplanation
A tactical assessment is the correct answer because it focuses on the ability of the information security program to identify and mitigate relevant strategic risks to information. Tactical assessments involve evaluating specific operational processes and controls to ensure they align with the overall strategic goals and objectives of the organization. This type of assessment helps identify any gaps or weaknesses in the information security program and allows for the implementation of appropriate measures to address them.Rate this question:
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- 9.
Is Technical vulnerability assessments are an example of a specifically focused type of operational risk assessment true or false?
- A.
True
- B.
False
Correct Answer
A. TrueExplanation
Technical vulnerability assessments are indeed an example of a specifically focused type of operational risk assessment. These assessments aim to identify and evaluate vulnerabilities in an organization's technical infrastructure, such as computer systems, networks, and software. By conducting these assessments, organizations can proactively identify potential weaknesses and take appropriate measures to mitigate the associated operational risks. Therefore, the statement is true.Rate this question:
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- 10.
Is a risk assessment framework does not allows both organization of thought and recognition of relationships among this diverse collection of threats and vulnerabilities, true or false?
- A.
True
- B.
False
Correct Answer
B. FalseExplanation
False. A risk assessment framework allows both organization of thought and recognition of relationships among a diverse collection of threats and vulnerabilities. This framework helps in identifying, analyzing, and evaluating potential risks to an organization, allowing for a systematic approach to risk management. By organizing thoughts and recognizing relationships, the framework enables effective decision-making and prioritization of actions to mitigate risks.Rate this question:
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- 11.
Three attributes of Probability
- A.
Frequency
- B.
Velocity
- C.
Simplicity
- D.
Motive
Correct Answer(s)
A. Frequency
C. Simplicity
D. MotiveExplanation
The three attributes of probability are frequency, simplicity, and motive. Frequency refers to the number of times an event occurs in a given sample or population. Simplicity relates to the ease of understanding and calculating the probability of an event. Motive refers to the underlying reason or purpose behind calculating the probability. These attributes help in analyzing and predicting the likelihood of events occurring in various situations.Rate this question:
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- 12.
It is the impact successful execution of the event would cause the organization.
Correct Answer(s)
HarmExplanation
The correct answer is "Harm." This answer suggests that the impact of a successful execution of an event would cause harm to the organization. This could refer to various negative consequences such as financial loss, damage to reputation, or legal issues. The harm could result from factors like poor planning, inadequate risk management, or unforeseen circumstances. Understanding the potential harm that could arise from an event is crucial for organizations to assess and mitigate risks effectively.Rate this question:
- 13.
Is risk may be transferred to someone with a higher risk tolerance, for example, an insurance company, true or false?
- A.
True
- B.
False
Correct Answer
A. TrueExplanation
Risk can indeed be transferred to someone with a higher risk tolerance, such as an insurance company. This is because insurance companies are designed to absorb and manage risks on behalf of their clients. By purchasing insurance policies, individuals or businesses transfer the financial burden of potential losses to the insurance company, which is better equipped to handle those risks due to their expertise and resources. Therefore, it is true that risk can be transferred to an insurance company or any other entity with a higher risk tolerance.Rate this question:
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- 14.
Controls are controls that can weigh cost versus benefits.
- A.
Out of Control
- B.
Mandatory controls
- C.
Discretionary controls
Correct Answer
C. Discretionary controlsExplanation
Discretionary controls refer to controls that can weigh the cost versus benefits. These controls are not mandatory and are left to the discretion of the organization or individual to implement. Unlike mandatory controls, which are required by law or regulations, discretionary controls provide flexibility in deciding whether to implement them based on the perceived benefits and associated costs. This allows organizations to prioritize and allocate resources effectively, considering the specific circumstances and needs of their operations.Rate this question:
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- 15.
These are controls that must be implemented to mitigate specific risks.
- A.
Out of Control
- B.
Mandatory controls
- C.
Discretionary controls
Correct Answer
B. Mandatory controlsExplanation
Mandatory controls are necessary measures that must be implemented to address specific risks. These controls are not optional and are required to ensure the security and safety of a system or organization. They are typically put in place to comply with legal or regulatory requirements, industry standards, or best practices. Mandatory controls help mitigate identified risks by providing a standardized and consistent approach to security and risk management. Unlike discretionary controls, which are optional and can be chosen based on individual judgment, mandatory controls are non-negotiable and must be implemented to ensure the overall security posture.Rate this question:
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- 16.
The treatment plan should be comprehensive and should document all necessary information about (thick at least three options)
- A.
Resource requirements
- B.
Performance measures
- C.
Reporting and monitoring requirements
- D.
Set up risk reduction
Correct Answer(s)
A. Resource requirements
B. Performance measures
C. Reporting and monitoring requirementsExplanation
The treatment plan should be comprehensive in order to ensure that all necessary information is documented. This includes information about resource requirements, performance measures, and reporting and monitoring requirements. By including these elements in the treatment plan, healthcare professionals can effectively allocate resources, track and evaluate performance, and ensure that the necessary reporting and monitoring processes are in place. Additionally, setting up risk reduction strategies is also important to address any potential risks or challenges that may arise during the treatment process.Rate this question:
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- 17.
Is an important responsibility of the action plan owner is to identify requirements and procure necessary resources to implement the plan, true or false?
- A.
True
- B.
False
Correct Answer
A. TrueExplanation
The action plan owner plays a crucial role in ensuring the successful implementation of the plan. One of their important responsibilities is to identify the requirements needed for the plan and procure the necessary resources. This involves understanding what resources are needed, such as funding, manpower, or equipment, and taking the necessary steps to acquire them. By doing so, the action plan owner ensures that the plan has the necessary resources to be effectively executed. Therefore, the statement is true.Rate this question:
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- 18.
Is Program metrics typically does not measure process effectiveness true or false?
- A.
True
- B.
False
Correct Answer
B. FalseExplanation
Program metrics typically do measure process effectiveness. Program metrics are used to assess the efficiency and effectiveness of a program or project. They provide quantitative data on various aspects of the program, such as the progress made, the quality of deliverables, and the adherence to timelines and budgets. By analyzing these metrics, program managers can identify areas for improvement and make informed decisions to optimize the program's performance. Therefore, it is false to say that program metrics do not measure process effectiveness.Rate this question:
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- 19.
In Control Attributes, controls in this context may be seen to have two independent attributes, maturity and weight, true or false?
- A.
True
- B.
False
Correct Answer
A. TrueExplanation
Controls in this context refer to elements or components that are used to manage or regulate a system. These controls can be evaluated based on two independent attributes: maturity and weight. Maturity refers to the level of development or effectiveness of the control, while weight refers to the significance or impact of the control on the system. Therefore, the statement that controls in this context have two independent attributes, maturity and weight, is true.Rate this question:
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- 20.
A process-based approach is nonrepeatable, nondefensible, and non-extensible, offering metrics to optimize efficiency and effectiveness while reducing risk to an acceptable level, true or false?
- A.
True
- B.
False
Correct Answer
B. FalseExplanation
A process-based approach is repeatable, defensible, and extensible, offering metrics to optimize efficiency and effectiveness while reducing risk to an acceptable level.Rate this question:
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Mar 21, 2023Quiz Edited by
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Apr 29, 2021Quiz Created by
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