Which of the following is true regarding roles and responsibilities in risk management processes?
Which of the following is true regarding roles and responsibilities in risk management processes?
Acceptance of residual risk resides with executive management level. This is because executive management has the authority and accountability to accept the remaining risk after risk mitigation efforts have been implemented. This aligns with general principles of risk management where strategic, high-level decisions about risk acceptance are made by those with the highest level of operational responsibility.
Acceptance of residual risks that result from with Risk Treatment has to take place at the level of the executive management of the organization.
Could you please provide the relevant standard #
Performance standard and interpretation 2600. "The identification of risk accepted by management may be observed through an assurance or consulting engagement, monitoring progress on actions taken by management as a result of prior engagements, or other means."
The board is responsible for establishing the organization's mission, vision and strategic direction in conjunction with the executive director.
A is a correct answer
Why not A?
Setting strategic direction resides with the board, not with senior management
y not D?
It is not the role of IA to mitigate risks