Video: IT Risk Planning & Controls Overview and Objectives

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In this lesson, explore the multifaceted world of IT risk planning and control measures with Nick Palazzolo, CPA. From understanding disaster recovery strategies and mitigating risks, to identifying the most effective IT control activities, this lesson delves into the nuances of both manual and automated controls, as well as preventative, detective, and corrective measures. Discover how these strategies are applicable across various sections of the exams due to their interconnected nature. Gain insight into safeguarding sensitive data within information systems, and learn the appropriate responses to potential risks, including the utilization of different types of site setups for recovery and the critical steps for ensuring data backup and restoration. Dive in with enthusiasm as Nick leads the way through these essential topics, elevating preparation to the next level.

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Video Transcript

Instructor:Nick Palazzolo

Nick Palazzolo is head instructor of ExamPrep.ai CPA Review. Nick's teaching style is engaging & upbeat, combining practical Big 4 tax & assurance expertise with years of 1-on-1 coaching. His lessons are concise and emphasize what you need to know to pass. Whether you're a recent grad or working full-time, we’re confident you can conquer your CPA exams with Nick’s review.

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Welcome one and all, all of you wonderful, beautiful people to IT Risk Planning and Controls. We've got a lot to cover here, so let's dive right into our summary. What objectives do we have? Well, we're going to see a lot here, if any of you are familiar. Disaster recovery, we're going to see mitigation of risks.

I mean, a lot of this goes hand in hand. As I've said before, all three of our IT lessons are interconnected; probability of risk, we've seen dealing with that risk. What sort of action should we take based on the likelihood and severity of that risk? And so saying that, we want to identify effective IT control activities, including manual, IT-dependent and automated controls. Some controls are manual, some are automated, as well as preventative, detective and corrective controls.

If that sounds familiar, that's because you could see that in relation to ERM, right? You could see these types of controls in the audit exam. Lots of interconnectivity between the exams and you'll be ready for them. It's great to see topics or pieces of information repeat multiple times. Secondly, we want to identify the controls associated with protecting sensitive and critical information within information systems.

Again, hand in hand with our prior lesson, there's just a lot to cover so we broke it up into these lessons. We want to determine responses to these risks, so have a response plan. Disaster recovery. We're going to see hot sites, warm sites, cold sites. What are those? We will talk about those because that's a real serious issue to discuss and also know for the exam. Lastly, we want to determine responses to system availability risks such as data backup, recovering that data. We talked about data in the last lesson, but

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