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When analyzing l&T-related risk, an enterprise defines likelihood and impact on a scale from 1 to 5, and the scale of impact also defines a range expressed in monetary terms. Which of the following risk analysis approaches has been adopted?
Correct Answer: C
When an enterprise defines likelihood and impact on a scale from 1 to 5, and the scale of impact also defines a range expressed in monetary terms, a hybrid approach has been adopted. Here's why: * Qualitative Approach: This approach uses descriptive scales and subjective assessments to evaluate risk likelihood and impact. It does not typically involve monetary terms. * Quantitative Approach: This method uses numerical values and statistical models to measure risk, often involving monetary terms and precise calculations. * Hybrid Approach: This combines elements of both qualitative and quantitative approaches. By defining likelihood on a scale (qualitative) and expressing impact in monetary terms (quantitative), the enterprise is using a hybrid approach. This allows for a comprehensive assessment that leverages the strengths of both methods. Therefore, the described method represents a hybrid approach to risk analysis. References: * ISA 315 Anlage 5 and 6: Detailed guidelines on risk assessment and analysis methodologies. * ISO-27001 and GoBD standards for risk management and business impact analysis. These references provide a comprehensive understanding of the principles and methodologies involved in IT risk and audit processes.
