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Bob, the chief information officer, needs to identify the residual risk. In which of these cases would you say identifying the residual risk is the most important?
risk mitigation
risk deterrence
risk acceptance
risk transference
Please consider updating this...
Residual risk = total risk ââ countermeasures
Once a company knows the amount of total and residual risk it is faced with, it must decide how to handle it. Risk can be dealt with in four basic ways: transfer it, avoid it, reduce it, or accept it. So the most important here is Risk Mitigation. For risk acceptance the risk will be the same you do not need to identify the residual risk (Don't agree with this: If you are Mitigating you know the risk is too high, that's why you are mitigating. Once you say I can do no more mitigation then you need understand residual risk which is the question. That's what drives Acceptance or transference. And if you are not going to do anything and Acceptance then you really need to know the residual risk. Consider Acceptance as the answer).
Residual Risk is the "Net" Risk after Counter Measures (or Mitigation) have been applied... there is no further scope of mitigation... it either needs to be transferred or accepted. - Please consider changing this question or the answer.... my vote for the right answer would be Acceptance as the organization needs to be on the hook... hence CIO will be most concerned about residual risk that needs to be accepted. --- Agreed, Risk Acceptance makes sense...why would you mitigate a risk that has residual risk from when it was already mitigated?!
Also agree to even skip the question. The residual risk needs to be known to decide on the strategy to take. This could be mitigation, transference or acceptance. The information has the same importance in all three cases
---Agreed the question needs to be changed. If you have put in safeguards and attempted to mitgate that means you have done something. If you Accept it and don't do anything then you could have created an liability.
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