Risk and Insurance Management Society (RIMS) Certified Risk Management Professional (CRMP) Practice Exam

Who is responsible for identifying, assessing, treating, and monitoring risks in a designated environment?

1. Risk manager

2. Risk owner

3. Risk analyst

4. Risk assessor

The correct answer is: Risk owner

The role of identifying, assessing, treating, and monitoring risks within a designated environment primarily belongs to the risk owner. The risk owner is typically an individual or entity that has the responsibility and accountability for managing specific risks that may affect their objectives. This includes making decisions about how risks are treated, whether through avoidance, reduction, sharing, or acceptance, and actively monitoring the status of these risks to ensure that the chosen treatment remains effective. In contrast, while the risk manager oversees the overall risk management process and strategy within an organization, the risk owner takes charge of specific risks. The risk analyst conducts analyses to help understand risk profiles and data but does not possess the ultimate responsibility for risks. Similarly, the risk assessor focuses on evaluating risks but does not typically have ownership or accountability over the risks themselves. Therefore, the risk owner is the most appropriate designation when considering who has the comprehensive responsibility for all aspects of risk management in a given context.