Risk Ownership and Control Ownership: Two Distinct Responsibilities, One Shared Exposure. A business function may own a material risk, while the controls managing it sit across IT, Cybersecurity, Operations and external service providers.This is common in large organizations. The concern arises when changes or weaknesses in those controls are not adequately reflected in the overall risk assessment. Consider a critical banking service supported by multiple technology platforms. Each function may have its own controls, reporting and escalation arrangements, but the business remains exposed to the combined impact of those dependencies. A risk can be well managed within individual functions and still be poorly understood at the enterprise level. Individual control reports may provide assurance within their respective areas without necessarily presenting the full picture of the risk.Risk owners need visibility into material control weaknesses and dependencies. Equally, control owners need to understand the business implications of the decisions they make. For Risk Committees, the quality of oversight depends on understanding the collective risk exposure, rather than relying solely on individual control assessments. #EnterpriseRiskManagement #RiskGovernance #CorporateGovernance #CyberRisk #OperationalResilience
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