What does the risk owner ensure regarding risk management plans?

The role of the risk owner is crucial in the risk management process, primarily focusing on identification and mitigation of risks associated with their domain. The correct choice emphasizes that the risk owner is responsible for taking appropriate actions to mitigate risks. This involves implementing strategies and measures that effectively reduce, monitor, and manage risks that could impact the organization’s objectives.

Risk owners typically assess the severity of identified risks and determine necessary steps to address them, which may include transferring the risk, reducing the likelihood of occurrence, or accepting the risk based on an informed decision. Mitigation actions can be strategic, operational, or security-related, encompassing a wide array of tactics tailored to the specific risks encountered.

In contrast, other options do not capture the core responsibilities of a risk owner. Approving financial budgets tends to be a broader managerial responsibility that may not directly relate to the day-to-day risk management practices. While implementing new IT solutions can be part of addressing risks, it does not encompass the full scope of the risk owner’s responsibilities, which are more focused on identifying and managing risks rather than purely on technology implementation. Lastly, communicating with external stakeholders is important but falls more within the purview of leadership or liaison roles rather than the specific function of a risk owner who is primarily concerned