What does a risk owner oversee in relation to risk management?

A risk owner is responsible for the management and mitigation of specific risks within an organization. This role involves overseeing the identification of potential risks, assessing their impact on the organization, and developing strategies to manage or mitigate those risks effectively. The risk owner ensures that appropriate controls are in place and that there are processes for monitoring and reporting on those risks.

By focusing on specific risks, the risk owner plays a critical role in maintaining the organization's overall risk management framework. Their responsibilities include making decisions about risk treatment options, communicating with stakeholders about the risks associated with their areas of responsibility, and ensuring that risk management activities are integrated into the organization's broader strategic objectives. This ensures that risks are not only acknowledged but also strategically managed in a way that aligns with the organization's goals.