What role does the Risk Owner play in the risk management process?

The role of the Risk Owner in the risk management process is primarily focused on reviewing risk responses. This responsibility involves overseeing how risks are being addressed and ensuring that the strategies for managing those risks are effective and aligned with organizational goals. The Risk Owner has a vested interest in understanding the context of the risks and making decisions about necessary actions based on their evaluation of the responses in place.

By reviewing risk responses, the Risk Owner ensures that risks are being monitored and mitigated appropriately. They assess whether the measures taken are sufficient and recommend adjustments if needed. This ongoing review is crucial for maintaining risk visibility and effectiveness in risk management practices.

While identifying, classifying, or implementing controls are important aspects of risk management, those tasks may fall under different roles or teams within an organization. The Risk Owner typically focuses on oversight and continuous evaluation rather than the initial identification or classification of risks or the direct implementation of controls.