The Best Way to Provide Ongoing Assurance for IT Risk Monitoring
Question
The CIO in a large enterprise is seeking assurance that significant IT risk is being proactively monitored and does not exceed agreed risk tolerance levels.
The BEST way to provide this ongoing assurance is to require the development of:
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Explanations
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The best way to provide ongoing assurance to the CIO in a large enterprise that significant IT risk is being proactively monitored and does not exceed agreed risk tolerance levels is to require the development of key risk indicators (KRIs).
Key risk indicators (KRIs) are metrics or measures that are used to monitor and track the level of risk within an organization. They are used to identify potential problems or issues before they become significant risks. KRIs are used as an early warning system, allowing organizations to take proactive measures to mitigate risks before they become too great.
In this scenario, the CIO is seeking assurance that significant IT risk is being proactively monitored and does not exceed agreed risk tolerance levels. By requiring the development of KRIs, the organization can identify and monitor the level of IT risk and take proactive measures to mitigate any potential problems or issues.
An IT risk appetite statement is a document that outlines the organization's overall approach to risk and its tolerance for risk in relation to IT. While an IT risk appetite statement is a useful tool for managing IT risk, it does not provide ongoing assurance that significant IT risk is being proactively monitored and does not exceed agreed risk tolerance levels.
A risk management policy is a document that outlines the organization's approach to managing risk. While a risk management policy is an important tool for managing risk, it does not provide ongoing assurance that significant IT risk is being proactively monitored and does not exceed agreed risk tolerance levels.
A risk register is a tool used to capture and maintain information on identified risks. While a risk register is a useful tool for tracking risks, it does not provide ongoing assurance that significant IT risk is being proactively monitored and does not exceed agreed risk tolerance levels.
In summary, the best way to provide ongoing assurance to the CIO in a large enterprise that significant IT risk is being proactively monitored and does not exceed agreed risk tolerance levels is to require the development of key risk indicators (KRIs).
