Updating Risk Register: Importance in Risk Assessment | CRISC Exam Prep

Importance of Updating Risk Register in Risk Assessment

Prev Question Next Question

Question

When updating the risk register after a risk assessment, which of the following is MOST important to include?

Answers

Explanations

Click on the arrows to vote for the correct answer

A. B. C. D.

D.

When updating the risk register after a risk assessment, the MOST important thing to include is the likelihood and impact of the risk scenario.

A risk assessment is a process used to identify and evaluate potential risks to an organization. The risk register is a document used to record and manage identified risks. It is important to update the risk register regularly to reflect changes in the risk environment and to ensure that appropriate risk management strategies are in place.

The likelihood of a risk refers to the probability that the risk event will occur, while the impact refers to the potential consequences if the risk event does occur. These two factors are key to determining the overall risk level of a scenario, and therefore they are essential to include in the risk register.

Knowing the likelihood and impact of each risk scenario allows organizations to prioritize their risk management efforts. Risks that are highly likely to occur and have a significant impact should receive greater attention and resources than risks that are less likely to occur or have a lower impact.

While the other options presented in the question may also be relevant to include in the risk register, they are not as crucial as the likelihood and impact of the risk scenario. The actor and threat type of the risk scenario may be helpful in determining the likelihood and impact, but they do not provide as much information on their own. Historical losses due to past risk events can be informative, but they do not necessarily reflect the current risk environment or the likelihood of future events. The cost to reduce the impact and likelihood can be important, but it is not as critical as understanding the likelihood and impact themselves.