02. Risk and Control Ownership Flashcards
Risk and Control Ownership
Owners are formally assigned and recorded to all…
- Risks
- Controls
- Assets
- Processes
- Procedures
- Records
187
Risk and Control Ownership
Risk ownership may be assigned to one or several different managers psanning multiple functional areas because…
risks are likely to affect multiple (functional) areas of the business
187
Risk and Control Ownership
The risk owner is not necessarilly the person accountbale for mkaing the risk treatment decision or owner of the asset but generally is the…
department or business unit owner within which the risk resides
187
Risk and Control Ownership
This person should have a say in the risk treatment decision with regard to whether they (the individual) are inclined to accept the risk or whether they want the risk reduced through mitigation
Risk owner
187
Risk and Control Ownership
Risk managers or security managers should routinely monitor risks and if there are any changes, they should inform the…
Risk owner to help them remain fully informed and to continue to own the risk effectively
187
Risk and Control Ownership
When an individual leaves a business or changes role, risk ownership should remain with the position and assigned to the replacement individual. If the position is not filled, ownership should be..
Transferred to the next higher-up in the organisation
188
Risk and Control Ownership
To ensure that controls become and remain effective, management should formally…
assign responsibility and ownership of each control
188
Risk and Control Ownership
Authority to make decisions about the operation of controls should be with…
The Control Owner
188
