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GRC Final Exam with complete verified solutions 2024.
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GRC Final Exam with complete verified solutions 2024.
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GRC Final Exam withcomplete verified
solutions 2024
Controls - answer the tools we use to manage our risk and mitigate
the likelihood and/or impact of an undesirable outcome
Governance - answer ensures the right level of oversight,
accountability, and decision rights are in place to achieve the
desired results.
Risk - answer function of the likelihood of an event and the impact
it will have on us
IT governance - answer - the process of specifying the decision
rights and accountability framework to encourage desirable
behavior in the use of IT
- vital to achieving a companies IT strategy
Risk Universe - answer the list of risks the company faces or might
face, coupled with a description of their severity and frequency,
along with the decision as to what the company wants to do with
such risk.
Residual Risk - answer risk score after you control for it
Inherent Risk - answer your risk without controls in place
, Risk Appetite - answer The amount of risk an entity is prepared to
accept when trying to achieve business outcomes
Risk Tolerance - answer tolerable deviation from level set with risk
appetite
Working Group - answer operational management team with
execution responsibility
Steering Committee - answer leadership team that sets
collaborative vision and delegates action to its teams
Executive concil - answer team that sets direction, allocates
resources and provides oversight
- what decisions must be made to ensure effective management and
use of IT?
- who should make those decisions
- how will these decisions be made and monitored - answer
Effective IT governance must answer 3 questions
Roles - answer their title and place in executing a particular task
Responsibilities - answer the specific behavior or task they must
carry out
role + responsibility + acknowledgement - answer Recipe for
effective governance
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