What defines the risk owner's responsibility in risk management?

The responsibility of the risk owner primarily revolves around managing and reassessing risk levels. This includes the identification of risks that could potentially impact the organization, evaluating the likelihood and potential impact of these risks, and implementing strategies to mitigate them. The risk owner's role is critical in ensuring that risks are continuously monitored and reassessed over time, as both internal and external factors can change. By maintaining an up-to-date understanding of the risk landscape, the risk owner can make informed decisions about how best to protect the organization from various threats.

In contrast, setting up the project timeline, adjusting company policy, and training employees on compliance, while important tasks within risk management and organizational governance, do not specifically define the risk owner’s core responsibility. These tasks may involve different roles and responsibilities within the organization and are governed by broader operational or managerial frameworks, rather than the specialized focus on risk assessment and management inherent in the role of the risk owner.