A primary benefit of engaging the risk owner during the risk assessment process is prioritization of risk action plans across departments, because this helps to ensure that the most critical and relevant risks are addressed first, and that the resources and efforts are allocated and coordinated efficiently and effectively. A risk owner is the person or group who is responsible for the day-to-day management and mitigation of a specific risk, and who has the authority and accountability to make risk-related decisions. A risk assessment is the process of identifying, analyzing, and evaluating the risks that may affect the organization’s objectives, performance, or value. A risk action plan is the set of actions and tasks that are designed and implemented to reduce the likelihood and impact of a risk, or to exploit the opportunities that a risk may create. By engaging the risk owner during the risk assessment process, the organization can benefit from the following advantages:

The risk owner can provide valuable input and feedback on the risk identification, analysis, and evaluation, based on their knowledge, experience, and perspective of the risk and its context.

The risk owner can help to develop and implement the risk action plan, based on their understanding of the risk objectives, expectations, and outcomes, and their ability to influence and control the risk factors and sources.

The risk owner can help to prioritize the risk action plan, based on their assessment of the risk severity, urgency, and importance, and their consideration of the costs, benefits, and feasibility of the risk actions.

The risk owner can help to coordinate the risk action plan across departments, by communicating and collaborating with other risk owners, stakeholders, and resources, and by aligning and integrating the risk actions with the organization’s strategy, processes, and culture. References = Risk Owners — What Do They Do1