CRISC Syllabus: The Four Domains

In this chapter, you identify how certain IT risks assist in executing a risk management strategy, in line with business objectives as well as the entire enterprise risk management (ERM) strategy. You will learn information collection and review and determine possible potential risks the organization can be exposed to. This domain also teaches you to identify and assess threats through risk analysis and threat assessments within an organization.

Other integral topics you’ll cover under this section include:

• Identifying stakeholders
• User Accountability
• Creating and Maintaining an IT risk register
• Identifying risk appetite and tolerance
• Aligning IT risk with business objectives

This CRISC syllabus domain covers roughly 27% of the CRISC Course outline and will also provide you with the knowledge to create training and collaborative awareness programs.

In the IT Risk Assessment domain, it covers roughly 28% of the CRISC Syllabus and here you’ll learn how to analyse and evaluate IT risk. Moreover, doing so will enable you to determine the likelihood and impact of the risks on business objectives and make effective risk-based decisions for the benefit of the organisation.

Analysis and evaluation of risk scenarios is a primary feature of this domain since it enables you to determine probability and damage extent a specific risk would cause. You are also assessed on your ability to identify the status quo of existing Information System controls and if they are effective in mitigating IT risk.

You will also learn how to review the results of risk and control, assess any shortcomings presented on the existing environment. You will also learn to assign correct risk ownership for accountability and communicate these results to senior management and stakeholders. This domain also shows you how to update the risk register regularly.

Determining risk response options and evaluating their efficiency and effectiveness in risk management is learnt in this third domain which covers about 23%. You will have the ability to consult with the risk owners to introduce or formulate measures that are in alignment with the business objectives. Consulting with risk owners helps in developing effective risk action plans through making informed decisions. In addition, how to validate a risk action plan is covered in this CRISC syllabus domain as well as design and implementation, therefore adjusting mitigating measures can be made easier.

Since accountability is key here, clear communication lines must be established between all stakeholders involved in risk ownership. You’ll also learn how to create effective and efficient control measures

You’ll learn how to define and establish key risk indicators in order to monitor risk changes. These changes are crucial since they tend to change an organization’s IT risk profile. Reporting on these findings is essential in ensuring informed decision making by relevant stakeholders and also realising business objectives.