What is of MOST interest to an IS auditor reviewing an organization's risk strategy?

The most relevant aspect for an IS auditor reviewing an organization's risk strategy is that all likely risks are identified and ranked. This focus is essential because understanding the risk landscape allows the organization to prioritize its responses and allocate resources effectively. By identifying and ranking risks, the organization can address the most significant threats to its objectives first, ensuring that it is focusing on areas of greatest concern that may impact operations, reputation, or compliance.

While the idea of mitigating all risks or having a residual risk of zero may seem ideal, these concepts are often impractical. In reality, organizations may not completely eliminate all risks due to cost-benefit considerations or the inherent uncertainty associated with some risks. Therefore, a comprehensive identification and ranking process becomes paramount, as it informs decision-making and risk management strategies.

Additionally, employing an established risk framework supports effective risk management, but the primary interest centers around the identification and prioritization of risks. A robust risk strategy must include recognizing potential risks to inform the framework's application, making the ranking of identified risks particularly critical for the auditor's review.