Who are the individuals in an organization that determine the overall risk profile?

The individuals who determine the overall risk profile of an organization are often referred to as risk owners. These individuals are responsible for understanding and managing the risks associated with their respective areas within the organization. They have the authority to make decisions regarding how risks should be treated and are accountable for their outcomes. A risk owner's role is central to the organization's risk management framework, ensuring that risks are identified, assessed, and mitigated effectively.

In addition to risk owners, the term "player" in the context of this choice may imply individuals who engage with the risk management process, contributing to it by providing insights or support. However, the primary responsibility for determining the overall risk profile lies with risk owners who actively engage in risk management practices.

Other roles, such as compliance officers, risk managers, auditors, and the IT security team, play important supportive functions in risk management. Compliance officers ensure adherence to laws and regulations, while risk managers coordinate risk assessments and implement risk strategies. Auditors assess risk management processes for compliance and effectiveness, and the IT security team focuses on protecting information assets. However, while these roles contribute valuable perspectives and expertise, the determination of the overall risk profile is ultimately a responsibility held by risk owners.