BUISENESS MANAGEMENT
RISK MANAGEMENT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Risk Management function
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Business Operation
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Internal Audit
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All of the above answers
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Detailed explanation-1: -Risk Owner: The individual who is ultimately accountable for ensuring the risk is managed appropriately. There may be multiple personnel who have direct responsibility for, or oversight of, activities to manage each identified risk, and who collaborate with the accountable risk owner in his/her risk management efforts.
Detailed explanation-2: -Each risk owner should be someone for whom the risk is relevant to their job and who has the authority to do something about it. For example, the owner of risks associated with IT infrastructure (such as malware) should be the head of the IT department.
Detailed explanation-3: -A person or entity with the accountability and authority to manage a risk. Where the ‘control owner’ and the ‘treatment owner’ are different, the risk owner has accountability to ensure that the treatment plan is implemented.
Detailed explanation-4: -These uncertainties are referred to as business risks. This makes the CEO the Overall Risk Executive (ORE), being technically the owner of all the critical risks of the company.