Enterprise Risk Management Framework Approval

C.

The approval of an enterprise risk management framework is a critical aspect of governance, as it helps to ensure that the organization's risks are being identified, assessed, and managed effectively. The responsibility for approving such a framework typically falls to the highest level of governance within an organization.

Option A, the Chief Information Officer (CIO), is unlikely to have the authority to approve an enterprise risk management framework on their own. While the CIO may play a role in developing or implementing the framework, they would not have the final say in approving it.

Option B, the Chief Risk Officer (CRO), may be involved in the development of the enterprise risk management framework, but they would also not typically have the authority to approve it on their own. The CRO may be responsible for overseeing risk management activities across the organization, but they would likely need to seek approval from a higher level of governance before implementing a new framework.

Option C, the IT steering committee, may be responsible for overseeing the development and implementation of IT-related policies and procedures within an organization. However, they would not typically have the authority to approve an enterprise risk management framework on their own, as this is a broader governance issue that affects the entire organization.

Option D, the Board of Directors, is the correct answer. The Board of Directors is responsible for overseeing the management of the organization and ensuring that it is operating in the best interests of its stakeholders. As such, they would typically have the authority to approve an enterprise risk management framework, as it is a critical aspect of ensuring the organization's long-term success.

In summary, the approval of an enterprise risk management framework is the role of the Board of Directors, as they have the ultimate responsibility for overseeing the organization's governance and risk management activities.