Engaging the Risk Owner in Risk Assessment | CRISC Exam Answer
Question
Which of the following is a PRIMARY benefit of engaging the risk owner during the risk assessment process?
Answers
Explanations
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A. B. C. D.A.
The PRIMARY benefit of engaging the risk owner during the risk assessment process is to ensure that the risk assessment is comprehensive and effective. The risk owner is the individual or entity responsible for the management and oversight of the risk. Engaging the risk owner in the risk assessment process has several benefits, including:
A. Accurate measurement of loss impact: By engaging the risk owner, the risk assessment team can gain a more accurate understanding of the potential impact of a risk. The risk owner can provide insights into the potential financial, operational, and reputational losses that could result from the risk.
B. Early detection of emerging threats: The risk owner is responsible for staying informed about emerging threats and vulnerabilities that could impact the organization. By engaging the risk owner, the risk assessment team can gain insights into emerging threats and vulnerabilities that may not have been previously identified.
C. Identification of control gaps that may lead to noncompliance: The risk owner is responsible for ensuring that the organization is in compliance with applicable laws, regulations, and policies. By engaging the risk owner, the risk assessment team can identify control gaps that may lead to noncompliance and ensure that appropriate controls are implemented to address these gaps.
D. Prioritization of risk action plans across departments: The risk owner is responsible for prioritizing and managing risks across departments. By engaging the risk owner, the risk assessment team can gain insights into the risk owner's risk management priorities and ensure that risk action plans are prioritized appropriately.
In summary, engaging the risk owner during the risk assessment process has several benefits, including accurate measurement of loss impact, early detection of emerging threats, identification of control gaps that may lead to noncompliance, and prioritization of risk action plans across departments.
