Best Practices for Timely Reporting on Risk Events

A.

The BEST option among the given choices to ensure timely reporting on risk events and responses to appropriate levels of management is D. Escalation procedures.

Escalation procedures are a set of pre-defined protocols that dictate how an organization responds to an issue that is beyond the control of frontline staff. Escalation procedures ensure that issues are quickly addressed by involving the appropriate level of management. These procedures typically include clear guidelines for when and how to escalate an issue, as well as who to escalate it to.

By having clear escalation procedures in place, an organization can ensure that risk events are reported in a timely manner and that appropriate levels of management are informed promptly. This helps to prevent small issues from becoming major problems and ensures that management has the necessary information to make informed decisions.

Option A, Corporate directory, refers to a list of individuals within an organization along with their contact details. While it is useful to have a corporate directory to quickly locate personnel, it does not directly contribute to timely reporting on risk events.

Option B, Key personnel interviews, involves interviewing key personnel to gather information on risk events. While this may be useful, it is not a proactive solution to ensure timely reporting of risk events.

Option C, Emergency response team, is a group of individuals responsible for responding to emergencies. While an emergency response team can help mitigate risks, it is not a solution for ensuring timely reporting on risk events and responses to appropriate levels of management.

Therefore, the best option among the given choices is D. Escalation procedures, as it provides a clear and structured process for reporting risk events and ensures that appropriate levels of management are informed promptly, leading to timely response and mitigation of risks.