The role that has primary accountability for the security related to data assets is the data owner. A data owner is a person who is generally in a senior company position, responsible for the categorization, protection, usage, and quality of one or more data sets1. The data owner must ensure that the information within their domain is correctly maintained across various platforms and business processes, and that it is secured from unauthorized access and misuse2. The data owner also has the authority to grant or revoke access rights to the data, and to define and enforce data security policies and standards3. Therefore, the data owner is the primary accountable role for the security related to data assets. References: Data Owners vs. Data Stewards vs. Data Custodians - CPO Magazine2, CISSP domain 2: Asset security - Infosec Resources

A data classification policy is a set of rules and standards that define how data is categorized and labeled according to its sensitivity, value, and criticality for the organization1. An effective data classification policy helps to ensure that data is properly protected, accessed, and managed throughout its lifecycle2. The best way to support the implementation of an effective data classification policy is to have clear guidelines adopted by the business, because they provide a common understanding and framework for data owners, stewards, and users to classify and handle data according to the business context and requirements3. Clear guidelines also help to ensure consistency, compliance, and accountability for data classification across the organization4.
References :=
Data Classification Policy | Information Security Office
Data Governance and Classification Policy - University of Cincinnati
Data governance processes - Cloud Adoption Framework
Data classification in the Microsoft Purview governance portal

The MOST concerning issue for the risk management committee when planning to migrate to cloud-based systems is regulatory compliance. Regulatory compliance refers to the discipline and process of ensuring that a company follows the laws enforced by governing bodies in their geography or rules required by voluntarily adopted industry standards1. For IT regulatory compliance, people and processes monitor corporate systems to detect and prevent violations of policies and procedures established by these governing laws, regulations, and standards1. However, migrating to cloud-based systems can pose significant challenges and risks for regulatory compliance, such as23:
Data protection, privacy, and sovereignty issues, as cloud service providers may store or process data in different jurisdictions with different legal and regulatory frameworks Loss of control and visibility over data and systems, as cloud service providers may have different security standards, policies, and practices than the enterprise Shared responsibility and accountability for compliance, as cloud service providers and customers may have different roles and obligations for ensuring compliance Complexity and variability of compliance requirements, as cloud service providers may offer different levels of compliance certifications and attestations for different services and regions Therefore, regulatory compliance should be of most concern to the risk management committee when planning to migrate to cloud-based systems. The risk management committee should carefully assess the compliance requirements of the applicable legislation in both the home and host countries, as well as the compliance capabilities and assurances of the cloud service providers. The risk management committee should also establish appropriate controls and mechanisms to monitor and audit the compliance status and performance of the cloud-based systems.

Before an IT strategy committee can approve an IT risk assessment framework, the most important thing to have established is enterprise definitions for risk impact and probability. This is because a risk assessment framework is an approach for prioritizing and sharing information about the security risks posed to an information technology organization1. To do this effectively, the organization needs to have a common understanding of how to measure and communicate the likelihood and consequences of different risks. Without consistent definitions for risk impact and probability, the risk assessment framework might not be aligned with the enterprise's risk appetite and tolerance, and might not provide meaningful or actionable results. References: Risk Assessment Framework (RAF) - CIO Wiki1, IT Risk Resources | ISACA2, 5 IT risk assessment frameworks compared | CSO Online

This is because alignment with business strategy means that IT projects are selected and executed in a way that supports the organization's vision, mission, goals, and objectives. Alignment with business strategy can help to ensure that IT projects deliver value to the organization and its stakeholders, as well as to optimize the use of IT resources and capabilities. Alignment with business strategy can also help to avoid or minimize conflicts, gaps, or redundancies among IT projects, as well as to facilitate communication and collaboration among IT and business units.
Some of the sources that support this answer are:
1: This source provides a comprehensive guide on how to optimize IT project intake, approval, and prioritization. It suggests that one of the steps to redesign the governance framework is to conduct a portfolio review to assess the benefits realization of IT investments and ensure that they are aligned with the business strategy and deliver value.
2: This source discusses how to prioritize IT tasks and projects, and provides some expert tips and a downloadable template. It advises that one of the criteria for prioritizing IT projects is strategic alignment, which means that the project supports the organization's strategic goals and objectives.
3: This source describes the process of how to use the Technology Governance Framework to determine if a proposal requires approval from a formal IT governance body, then how a submitted proposal would proceed on its path to acceptance. It states that one of the factors that influence the prioritization of proposals is alignment with strategic direction, which means that the proposal supports the organization's vision, mission, values, and goals.