Domain 2 Risk Treatment:RiskResponse Options - Risk and Control Ownership

Flashcards covering key concepts related to risk ownership and management in organizations.

Risk Owner

The individual responsible and accountable for understanding, documenting, and managing a specific risk.

Accountability

Responsibility for ensuring that risks are properly understood, documented, and addressed within an organization.

Tone from the Top

The attitude and support senior management provides to endorse risk ownership and mitigation efforts.

Risk Management Team

A group responsible for gathering information about risks, ensuring consistent evaluation across the organization, and supporting risk owners.

Employee's Role in Risk Management

Employees help mitigate risks by performing tasks correctly and supporting risk owners in understanding and managing risks.

Risk Mitigation

Actions taken to reduce or eliminate the impact of potential risks to an organization.

Efficiency in Risk Management

Improved processing and handling of risks when ownership and accountability are clearly defined.

Awareness in Risk Management

The understanding among relevant parties about specific risks and the necessary actions to mitigate them.