What are the PRIMARY requirements for developing risk scenarios?

What are the PRIMARY requirements for developing risk scenarios?

Each correct answer represents a part of the solution. Choose two.
A . Potential threats and vulnerabilities that could lead to loss events
B . Determination of the value of an asset at risk
C . Determination of actors that has potential to generate risk
D . Determination of threat type

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Answer: AB

Explanation:

Creating a scenario requires determination of the value of an asset or a business process at risk and the potential threats and vulnerabilities that could cause loss. The risk scenario should be assessed for relevance and realism, and then entered into the risk register if found to be relevant.

In practice following steps are involved in risk scenario development:

First determine manageable set of scenarios, which include:

– Frequently occurring scenarios in the industry or product area.

– Scenarios representing threat sources that are increasing in count or severity level.

– Scenarios involving legal and regulatory requirements applicable to the business.

– After determining manageable risk scenarios, perform a validation against the business objectives of the entity.

– Based on this validation, refine the selected scenarios and then detail them to a level in line with the criticality of the entity.

– Lower down the number of scenarios to a manageable set. Manageable does not signify a fixed number, but should be in line with the overall importance and criticality of the unit.

– Risk factors kept in a register so that they can be reevaluated in the next iteration and included for detailed analysis if they have become relevant at that time.

– Risk factors kept in a register so that they can be reevaluated in the next iteration and included for detailed analysis if they have become relevant at that time.

– Include an unspecified event in the scenarios, that is, address an incident not covered by other scenarios.

Incorrect Answers:

C, D: Determination of actors and threat type are not the primary requirements for developing risk scenarios, but are the components that are determined during risk scenario development.