Explanation
According to 1, OCEG GRC model is "a framework for integrating governance, risk management, compliance and ethics/culture into a single capability". It defines risk management as "the capability that enables an organization to understand how uncertainty affects its ability to achieve objectives" 2.

Explanation
Risk assessment teams are composed of cross functional subject matter experts, risk experts, and process owners. Risk assessment teams conduct risk assessments for specific areas or projects within the organization.

Explanation
Recording and reporting documents information that are relevant to the organization's riskmanagement framework, process, and system2. These activities help to provide evidence, feedback, learning, and improvement for risk management.

Explanation
According to page 12 of the source, risk management professionals conduct supply chain analysis to identify potential vulnerabilities to the organization. These vulnerabilities can arise due to supplier dependency, breakdowns or disruptions in the supply chain, natural or human-made disasters, political or social instability, cyberattacks or other threats. Identifying such risks is crucial to prevent adverse impacts on the organization's operations, reputation or financial position.

Explanation
Risk management is tailored4. Tailored means that risk management takes into account the specific needs, objectives, and characteristics of each organization and its context.