What is the primary goal of policy exceptions in risk management?

The primary goal of policy exceptions in risk management is to manage deviations from established policies. When a situation arises that necessitates a departure from the formal policies, implementing a policy exception allows organizations to address unique circumstances while still maintaining oversight and control. This process involves documenting the reasons for the exception, ensuring that stakeholders understand the implications, and determining the necessary measures to mitigate any risks associated with non-compliance.

By formally managing these deviations, organizations can maintain flexibility in their risk management practices while still adhering to their overarching compliance and governance frameworks. This approach helps in balancing the need for strict adherence to policies with the practical challenges that may arise, thereby allowing organizations to navigate complex situations more effectively.

The other options revolve around aims that are related to policy management but do not capture the essence of why policy exceptions are specifically put in place. Standardizing policies, assessing compliance, and evaluating control effectiveness are important aspects of risk management but do not directly address the need to actively manage situations where established policies cannot be followed as written.