Cybercrime is gaining ground as businesses adapt to the digital age. Banks are not the only area where cybercrime is rampant. Because they have a lot of data and information, businesses are vulnerable to hackers and fraud. The increasing threat to an organization means that the risk team needs experts who can protect it from the most dreaded elements. CRISC is a well-known certification that confirms your ability avoid security breaches. CRISC holders are highly sought-after all over the world and can provide you with a specialty in any field that pays higher.
CRISC
CRISC (Certified in Risk and Information Systems Control), a certificate issued by ISACA (Information Systems Audit and Control Association), certifies that you have experience in managing enterprise IT risks and implementing information system controls. A Risk Management specialist is highly sought after as it is a critical topic for all companies. CRISC certification validates your skills and knowledge in workplace risk management. It will help you manage any risks your company might face. CRISC will help your career grow if you are looking to build your reputation and get recognition.
Domains of CRISC
CRISC encompasses the following four domains. This basically explains the entire Risk Management life cycle:
Domain 1: Governance (26%)
Domain 2: IT Risk Assessment (20%)
Domain 3: Risk Response & Reporting (32%)
Domain 4: Information Technology and Security (22%)
We will be describing the first domain, ‘Governance’.
Domain 1: Governance
Governance is the structure and operation of an organization. It also includes the processes through which it and its employees are held responsible. Governance is the responsibility of protecting an organization’s assets. The board of directors of an organization is responsible for governance. The board entrusts the responsibility of managing the organization’s day to day operations in accordance to the board’s approved strategic directives. Governance covers financial accountability and supervision, legal and human resources compliance, financial performance, operations, control, and social responsibility.
The term “governance”, which refers to both examples that illustrate the importance of effective governance and, at the other end, global corporate disasters, has been at the forefront of business thought for the past decade. Corporate governance is the process by which corporations are evaluated, directed, and regulated. IT corporate governance is the process by which IT’s future and present usage is reviewed, directed and regulated. Any governance system has the goal of helping companies create value for their stakeholders.
Domain 1 of CRISC’s exam carries 26% weightage, which is more than one fourth of the exam. It is divided into:
Organizational Governance
Organizational Strategy, Goals and Objectives
Organizational Structure, Roles and Responsibilities
Organizational Culture
Policies and Standards
Business Processes
Organizational Assets
Risk Governance
Enterprise Risk Management and Risk Management Framework
Three Lines of Defense
Risk Profile
Risk appetite and risk tolerance
Contractual, Regulatory, and Legal Requirements
Professional Ethics of Risk Management
Domain 1, Governance, contains all information about organizational and risk governance.
It explains how the key concepts and risks impact the enterprise.
It defines enterprise risk management concepts.
It explains the differences between management and governance functions.
It teaches you how to assess risk frameworks, and their role in enterprise-level risk management.
It also describes the relationship between IT and enterprise risk.
It shows the importance of risk