CRISC Domain 2 IT Risk Assessment

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CRITICALFUNCTIONSEVALUATION
Recognizing functions essential for business
continuity. Identification Example Online
banking services for a financial institution.
CRISCDOMAIN 2
Evaluating dependencies on other systems and
departments. Dependencies Example Customer
support relying on CRM systems.
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RISK IDENTIFICATION
Assessing current controls to reduce
exposure. Existing Controls Example Firewalls,
encryption, and access controls.
CRISC DOMAIN 2
Evaluating the cost-effectiveness of controls.
Cost of Controls
Example Cost of implementing multi-factor
authentication vs. potential loss from breaches.
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RISK PRIORITIZATION
Prioritizing risks based on their likelihood and
potential impact.
Likelihood and Impact
Example High likelihood and high impact risks
prioritized over low likelihood, low impact ones.
CRISC DOMAIN 2
Comparing risks against the organization's risk
appetite and tolerance.
Risk Appetite and Tolerance
Example Ensuring risks are within acceptable
levels set by senior management.
Relationship to Enterprise Risk Appetite
Aligning risk management efforts with enterprise
goals and objectives. Alignment Example
Balancing risk mitigation with business growth
initiatives.
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RISK RESPONSE INFORMATION
Generating data to inform risk response
strategies. Data Generation Example Reports
detailing risk levels and recommended actions.
CRISC DOMAIN 2
Ensuring responses are appropriate and
cost-effective.
Cost- Effective Response
Example Implementing cost-effective
cybersecurity measures to protect critical data.
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