Responsibility of a Risk Owner

C.

A risk owner is responsible for managing, monitoring, and controlling an assigned risk within a project. Therefore, the correct answer is option C: "Manage, monitor and control all aspects of an assigned risk."

Here is a more detailed explanation of each answer option:

A. Identify risks to the project that might occur in their department: While it is important for all team members to be aware of potential risks in their area of responsibility, identifying risks is not the primary responsibility of a risk owner. Rather, it is the responsibility of the project manager or risk management team to identify risks.

B. Own and authorize the use of the risk budget to fund risk responses: While a risk owner may provide input into the development of the risk budget, it is not their primary responsibility to own and authorize the use of the risk budget. The responsibility for managing the risk budget rests with the project manager or risk management team.

C. Manage, monitor and control all aspects of an assigned risk: This is the correct answer. A risk owner is responsible for managing, monitoring and controlling an assigned risk within a project. This includes identifying the risk, assessing its potential impact, developing risk response strategies, monitoring the risk throughout the project lifecycle, and taking corrective action if necessary.

D. Determine project risk appetite: While the risk owner may provide input into the determination of project risk appetite, this is not their primary responsibility. Determining project risk appetite is the responsibility of the project sponsor or senior management.