Creating a Comprehensive Set of IT Risk Scenarios

D.

When creating a comprehensive set of IT risk scenarios, the BEST approach is to map scenarios to a recognized risk management framework. This approach ensures that the scenarios are aligned with the organization's risk management objectives, and it provides a structured approach to identify, assess, and manage risks.

Option A, gathering scenarios from senior management, may not be the best approach because senior management may not have a comprehensive understanding of all the IT risks that the organization faces. Moreover, senior management may be biased in their view of risks, and their scenarios may not cover all possible risks.

Option B, deriving scenarios from IT risk policies and standards, may be a useful approach, but it may not provide a comprehensive set of scenarios that cover all possible risks. Policies and standards may only cover specific areas of risk, and they may not be updated regularly to reflect emerging risks.

Option C, benchmarking scenarios against industry peers, may be helpful in identifying risks that are common in the industry. However, it may not identify risks that are specific to the organization or risks that are emerging.

Mapping scenarios to a recognized risk management framework, as in option D, provides a comprehensive approach to identify, assess, and manage risks. The framework provides a structured approach to identify risks, assess their likelihood and impact, and develop mitigation strategies. By using a recognized framework, such as COSO ERM or ISO 31000, the organization can ensure that the scenarios are aligned with industry best practices and standards.