An organization's internal auditors have identified a new IT control deficiency in the organization's identity and access management (IAM) system.
It is most important for the risk practitioner to:
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A. B. C. D.C.
In the given scenario, the organization's internal auditors have identified a new IT control deficiency in the organization's identity and access management (IAM) system. As a risk practitioner, your primary responsibility is to address the identified deficiency and mitigate the associated risks. Let's examine each option and determine the most important course of action:
A. Perform a follow-up risk assessment to quantify the risk impact: Performing a follow-up risk assessment is a valuable step in understanding the potential impact of the identified control deficiency. It helps in evaluating the likelihood and consequences of the risk materializing. While assessing the risk impact is an important activity, it is not the most crucial immediate action in this situation.
B. Verify that applicable risk owners understand the risk: Ensuring that applicable risk owners understand the risk is an essential step in the risk management process. By verifying their understanding, you can confirm that the responsible individuals are aware of the issue and its potential consequences. However, although important, this action alone does not address the control deficiency directly.
C. Implement compensating controls to address the deficiency: Implementing compensating controls is a crucial step in mitigating the identified control deficiency. Compensating controls are alternative measures that can be put in place to reduce the risk in the absence of the primary control. This option demonstrates a proactive approach to addressing the issue and minimizing the potential impact. Implementing compensating controls should be a priority in this situation, but it may not be the most important action.
D. Recommend replacement of the deficient system: While recommending the replacement of the deficient IAM system might ultimately be a valid long-term solution, it is not the most immediate or important action to take in response to the identified deficiency. Replacing a system can be a complex and time-consuming process, and it may not be feasible or necessary depending on the severity of the deficiency.
Considering the options provided, the most important action for the risk practitioner in this scenario is:
C. Implement compensating controls to address the deficiency.
By implementing compensating controls, you can minimize the potential risks associated with the IAM system deficiency while working towards a more comprehensive and long-term solution. This immediate action demonstrates a proactive approach to risk management, allowing the organization to continue operating with reduced vulnerability until a permanent fix is implemented.