Comprehensive and Detailed Explanation (aligned to ISACA CRISC guidance) When vulnerabilities are discovered, the CRISC approach requires first understanding the risk those vulnerabilities represent before deciding on actions. Evaluating the associated risk means analyzing the likelihood that the vulnerabilities will be exploited and the potential impact on financial reporting, confidentiality, integrity, and availability of core systems. Only after this analysis can the risk practitioner prioritize which vulnerabilities to address, decide on appropriate treatment options, and determine whether remediation is cost-effective and aligned to risk appetite. Immediately remediating without assessment may misallocate resources or disrupt critical services. Initiating incident response is appropriate when an actual incident or compromise is detected, not merely the existence of vulnerabilities. Estimating remediation cost is important but comes after understanding the significance of the risk.
Reference: CRISC Review Manual - IT Risk Identification and Assessment (vulnerability identification and risk evaluation).