Risk and Control Ownership

Correct Answer: Develop and propose risk mitigation strategies aligned with business objectives

The primary responsibility of a Risk Mitigation Strategist in the context of risk and control ownership is to develop and propose risk mitigation strategies aligned with business objectives. This is the most appropriate answer because: 1. It focuses on strategy development, which is the core function of a strategist. 2. It emphasizes alignment with business objectives, ensuring that risk mitigation efforts support overall organizational goals. 3. It involves proposing strategies, indicating that the strategist provides expert recommendations for decision-makers. The other options are less suitable: Executing risk mitigation strategies across all organizational departments is typically the responsibility of operational managers or risk owners, not the strategist. Assessing the financial impact of risk mitigation strategies is important, but it's usually a secondary consideration and often performed by financial analysts or risk management teams. Communicating risk mitigation strategies to external stakeholders and regulatory bodies is generally handled by compliance officers, legal teams, or executive management, not the strategist directly. In the CISM context, the Risk Mitigation Strategist's role is crucial in developing comprehensive, business-aligned strategies to address information security risks effectively.

Correct Answer: Providing oversight and guidance on overall risk strategy

The primary role of the Board of Directors in the context of risk and control ownership is providing oversight and guidance on overall risk strategy. This is correct because:

1. The Board of Directors operates at the highest level of organizational governance.
2. They are responsible for setting the overall direction and risk appetite of the organization.
3. Their role involves high-level strategic decisions rather than operational details.

The other options are incorrect for the following reasons:

Implementing day-to-day risk control measures is typically the responsibility of operational management and staff, not the Board of Directors.

Conducting detailed risk assessments for each business unit is usually performed by risk management teams or department heads, not the Board.

Managing the allocation of resources for risk mitigation efforts is generally handled by executive management, such as the CEO or CRO, under the guidance of the Board's overall strategy.

The Board's primary function is to provide strategic direction and oversight, ensuring that the organization has appropriate risk management processes in place, rather than being involved in the operational aspects of risk management.

Correct Answer: Designing and implementing specific controls to mitigate identified risks

The primary responsibility of a Risk Control Owner is designing and implementing specific controls to mitigate identified risks. This is the correct answer because:

1. Risk Control Owners are directly responsible for the day-to-day management of specific controls.
2. They are tasked with ensuring that controls are effectively designed, implemented, and maintained to address identified risks.
3. This role focuses on the operational level of risk management, dealing with specific controls rather than overall strategy or policy.

The other options are incorrect for the following reasons:

Approving the organization's overall risk appetite and tolerance levels is typically the responsibility of senior management or the board of directors, not a Risk Control Owner.

Conducting periodic audits of the organization's risk management processes is usually the role of internal or external auditors, not Risk Control Owners.

Developing and maintaining the enterprise-wide risk management strategy is generally the responsibility of a Chief Risk Officer or similar senior executive, not individual Risk Control Owners.

Risk Control Owners play a crucial role in the practical application of risk management by focusing on specific controls and their effectiveness in mitigating identified risks.