You and your project team have identified a few risk events in the project and recorded the events in the risk register.
Part of the recording of the events includes the identification of a risk owner.
Who is a risk owner?
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A. B. C. D.D.
Risk owner for each risk should be the person who has the most influence over its outcome.
Selecting the risk owner thus usually involves considering the source of risk and identifying the person who is best placed to understand and implement what needs to be done.
They are also responsible for responding to the event and reporting on the risk status.
Incorrect Answers: A: A risk owner will monitor the identified risks for status changes, but all project stakeholders should be iteratively looking to identify the risks.
B: Risk owners do not pay for the cost of the risk event.
C: Risk owners are not the people who cause the risk event.
A risk owner is the individual or group responsible for overseeing and managing a specific risk throughout the project or organization. This individual or group is responsible for developing and implementing strategies to prevent or mitigate the risk and for ensuring that the risk is effectively managed.
Option A, "A risk owner is the party that will monitor the risk events," is partly correct, as monitoring and managing the risk is a key responsibility of the risk owner. However, monitoring alone is not sufficient, as the risk owner must also take action to mitigate the risk if necessary.
Option B, "A risk owner is the party that will pay for the cost of the risk event if it becomes an issue," is not correct, as the risk owner may not be responsible for paying for the cost of the risk event.
Option C, "A risk owner is the party that has caused the risk event," is not always true. The risk owner may not be the party that caused the risk event but may be responsible for managing the risk.
Option D, "A risk owner is the party authorized to respond to the risk event," is also partly correct, as the risk owner is responsible for developing and implementing risk response strategies. However, authorization may be required from higher management to take certain actions.
In summary, a risk owner is the individual or group responsible for managing and overseeing a specific risk and developing and implementing strategies to prevent or mitigate the risk, but may not necessarily be responsible for paying for the cost of the risk event or causing the risk event.