PrepAway - Latest Free Exam Questions & Answers

What are the requirements for creating risk scenarios?

What are the requirements for creating risk scenarios? Each correct answer represents a part of
the solution. Choose three.

PrepAway - Latest Free Exam Questions & Answers

A.
Determination of cause and effect

B.
Determination of the value of business process at risk

C.
Potential threats and vulnerabilities that could cause loss

D.
Determination of the value of an asset

Explanation:

Creating a scenario requires determination of the value of an asset or a business process at risk
and the potential threats and vulnerabilities that could cause loss. The risk scenario should be

assessed for relevance and realism, and then entered into the risk register if found to be relevant.
In practice following steps are involved in risk scenario development:
First determine manageable set of scenarios, which include:
Frequently occurring scenarios in the industry or product area.
Scenarios representing threat sources that are increasing in count or severity level.
Scenarios involving legal and regulatory requirements applicable to the business.
After determining manageable risk scenarios, perform a validation against the business objectives
of the entity.
Based on this validation, refine the selected scenarios and then detail them to a level in line with
the criticality of the entity.
Lower down the number of scenarios to a manageable set. Manageable does not signify a fixed
number, but should be in line with the overall importance and criticality of the unit.
Risk factors kept in a register so that they can be reevaluated in the next iteration and included for
detailed analysis if they have become relevant at that time.
Risk factors kept in a register so that they can be reevaluated in the next iteration and included for
detailed analysis if they have become relevant at that time.
Include an unspecified event in the scenarios, that is, address an incident not covered by other
scenarios.
Answer A is incorrect. Cause-and-effect analysis is a predictive or diagnostic analytical tool used
to explore the root causes or factors that contribute to positive or negative effects or outcomes. It
is used during the process of exposing risk factors.

PrepAway - Latest Free Exam Questions & Answers

Leave a Reply