Which of the following is NOT true for risk governance?
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A. B. C. D.B.
Risk governance is a continuous life cycle that requires regular reporting and ongoing review, not once a year.
Incorrect Answers: A, C, D: These are true for risk governance.
The correct answer is B. Risk governance does not require reporting once a year.
Risk governance is the process of managing risks to achieve organizational objectives. It is based on the principles of cooperation, participation, mitigation, and sustainability, and is adopted to achieve more effective risk management.
Option A is correct. Risk governance is based on the principles of cooperation, participation, mitigation, and sustainability. Cooperation refers to working together to achieve common goals, while participation involves involving stakeholders in the risk management process. Mitigation involves taking steps to reduce the impact of risks, and sustainability refers to ensuring that risk management practices are sustainable over time.
Option C is also correct. Risk governance seeks to reduce risk exposure and vulnerability by filling gaps in risk policy. This involves identifying potential risks, assessing their likelihood and impact, and taking steps to reduce their likelihood or impact.
Option D is also correct. Risk governance is a systemic approach to decision-making processes associated with natural and technological risks. It involves identifying, assessing, and managing risks at all levels of the organization.
However, option B is not true. Risk governance does not require reporting once a year. While reporting on risk management practices is an important part of risk governance, the frequency and format of reporting will depend on the organization's risk management policies and procedures.
In summary, the correct answer is B, as risk governance does not require reporting once a year.