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Exam CRISC topic 1 question 222 discussion

Actual exam question from Isaca's CRISC
Question #: 222
Topic #: 1
[All CRISC Questions]

Which of the following are the common mistakes while implementing KRIs?
Each correct answer represents a complete solution. (Choose three.)

  • A. Choosing KRIs that are difficult to measure
  • B. Choosing KRIs that has high correlation with the risk
  • C. Choosing KRIs that are incomplete or inaccurate due to unclear specifications
  • D. Choosing KRIs that are not linked to specific risk
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Suggested Answer: ACD 🗳️
A common mistake when implementing KRIs other than selecting too many KRIs includes choosing KRIs that are:
✑ Not linked to specific risk
✑ Incomplete or inaccurate due to unclear specifications
✑ Too generic
✑ Difficult to aggregate, compare and interpret
✑ Difficult to measure
Incorrect Answers:
B: For ensuring high reliability of the KRI, The indicator must possess a high correlation with the risk and be a good predictor or outcome measure. Hence KRIs are chosen that has high correlation with the risk.
by SuperMax at Oct. 13, 2023, 5:05 a.m.

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SuperMax
9 months, 1 week ago
The common mistakes while implementing Key Risk Indicators (KRIs) include: A. Choosing KRIs that are difficult to measure: It is important for KRIs to be measurable and quantifiable. If they are difficult to measure, it can lead to inaccurate or unreliable data, making them ineffective in monitoring and managing risks. C. Choosing KRIs that are incomplete or inaccurate due to unclear specifications: KRIs should be well-defined and have clear specifications to ensure their accuracy and completeness. Unclear or ambiguous specifications can lead to confusion and unreliable results. D. Choosing KRIs that are not linked to specific risk: KRIs should be directly linked to the specific risks they are meant to monitor. Choosing KRIs that are not related to the risks in question can result in ineffective risk management.
upvoted 1 times
SuperMax
9 months, 1 week ago
Option B is not a common mistake but a good practice. High correlation between KRIs and risks is desirable, as it indicates that the KRIs are effectively capturing and monitoring the associated risks. So, option B is not a common mistake while implementing KRIs.
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