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Glossary definition: Risk Owner

Risk Owner: Roles & Responsibilities

Risk Owner is an individual or organization responsible for the identification, assessment, and management of risks associated with a given activity, project, or business process. The Risk Owner is responsible for monitoring and controlling the risk and for ensuring that it is mitigated or eliminated in a timely manner. The Risk Owner should have the authority to make decisions regarding the risk and should be held accountable for the results. The Risk Owner should also be able to communicate the risk to stakeholders and ensure that they understand the implications of the risk and the actions that need to be taken to reduce or eliminate it. The Risk Owner should also have the ability to define and implement risk management processes and procedures.