Depending on the project's scope and scale, the risk owner has full responsibility for discovering, watching over uncertainty, and mitigating possible risks, as well as developing and implementing risk management plans.
The more extensive and elaborate a project is, the more severe the consequences will be when mistakes are made, which is why the person in charge of prevention and coping with risk is so crucial. Considering the project manager is the one ultimately responsible for managing risk, it is important to appoint someone who is experienced and up to the task. If anything goes wrong, they're accountable.Your risk response plan must include monitoring all identified risks effectively as part of your responsibility as a risk owner. As a general rule, A risk owner should appoint a responsible person for each identified risk. This way conflicts and ambiguity are prevented.
Although they seem similar at first glance, risk owners and risk managers are different. Managing all risks in an organization or project is the responsibility of a risk manager while monitoring individual risks is the core responsibility of the risk owner. However, Risk managers always need risk owners, who play an integral part in the overall planning of risk management.
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