Who is responsible risk management in an organization?

Risk management in an organization is typically a shared responsibility that involves various roles. The senior management team sets the overall risk management strategy and framework, while the board of directors oversees its implementation. Additionally, specific departments, such as compliance, finance, and operations, have designated individuals or teams responsible for identifying, assessing, and mitigating risks within their areas. Ultimately, fostering a risk-aware culture is essential, and all employees play a role in recognizing and reporting potential risks.