The key to controlling escalating costs when an organization is having new software implemented under contract is change management, which is the process of identifying, evaluating, approving, and implementing changes to the project scope, schedule, budget, or quality1. Change management can help to control escalating costs by:
* Establishing a clear and agreed-upon baseline for the project deliverables, requirements, and expectations, and ensuring that they are aligned with the contract terms and conditions2.
* Defining and enforcing a formal and consistent change control process, which includes the roles and responsibilities, the criteria and methods, and the documentation and communication of the changes3.
* Assessing and prioritizing the proposed changes, and determining their impact and feasibility, and their alignment with the project objectives and constraints4.
* Obtaining the approval and authorization of the relevant stakeholders, such as the project sponsor, the project manager, the contractor, or the customer, before implementing the changes5.
* Monitoring and measuring the performance and outcome of the changes, and ensuring that they are delivered within the agreed scope, schedule, budget, and quality6.
References =
* Change Management - CIO Wiki
* Project Scope Management - CIO Wiki
* Change Control - CIO Wiki
* Change Impact Analysis - CIO Wiki
* Change Approval - CIO Wiki
* Change Evaluation - CIO Wiki

The business process owner should be the risk owner for the risk exposure due to weak technical controls in a newly implemented HR system, because they are responsible for the performance and outcomes of the HR business process, and they understand the business requirements, expectations, and impact of the HR system.
The business process owner can also evaluate the trade-offs between the potential benefits and costs of the HR system, and the potential risks and consequences of a failure or breach of the system. The business process owner can also communicate and justify their risk acceptance or mitigation decision to the senior management and other stakeholders, and ensure that the risk is monitored and reviewed regularly. The other options are less appropriate to be the risk owner for this risk exposure. The chief risk officer is responsible for overseeing the enterprise-wide risk management framework and process, which includes ensuring the identification, assessment, and reporting of risks. However, they are not the owner of the HR system or the HR business process, and they may not have the full knowledge or authority to accept or mitigate the risk on behalf of the business. The project manager is responsible for managing the implementation of the HR system, which includes ensuring the delivery of the system within the scope, time, and budget constraints.
However, they are not the owner of the HR system or the HR business process, and they may not have the full knowledge or authority to accept or mitigate the risk on behalf of the business. The chief information officer is responsible for managing the IT function and resources, which includes providing the technical support and security for the HR system. However, they are not the owner of the HR system or the HR business process, and they may not have the full knowledge or authority to accept or mitigate the risk on behalf of the business.
References = Getting risk ownership right 1

The first course of action for the risk practitioner when identifying ineffective controls is to determine whether the impact of the control failure is outside the risk appetite of the organization. The risk appetite is the amount and type of risk that an organization is willing to accept in pursuit of its objectives. If the impact is within the risk appetite, the risk practitioner may decide to accept the risk or monitor the situation. If the impact is outside the risk appetite, the risk practitioner may need to escalate the issue, report the ineffective control, request a formal acceptance of risk, or deploy a compensating control.
References: The answer is based on the following sources:
*CRISC Review Manual, 7th Edition, Chapter 3: Risk Response and Reporting, pages 149-1501
*CRISC Review Questions, Answers & Explanations Database, 12 Month Subscription, Question ID: QID-
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*Effective Risk Management Strategies | CRISC Exam Preparation3

Risk appetite is the most important factor to consider first when creating a comprehensive IT risk register, as it defines the amount and type of risk that the organization is willing to accept in pursuit of its objectives, and guides the identification, assessment, response, and monitoring of the IT risks. The other options are not the most important factors, as they are more related to the resources, actions, or methods of the IT risk management, respectively, rather than the strategy or direction of the IT risk management. References = CRISC Review Manual, 7th Edition, page 109.

Optimized risk management is achieved when risk is reduced to meet risk appetite, which is the amount and type of risk that an organization is willing to accept in pursuit of its objectives. Risk appetite reflects the strategic goals and priorities of the organization, as well as its risk culture and tolerance. Reducing risk with strategic initiatives, within resource availability, or below risk appetite are all possible approaches, but they do not necessarily optimize risk management, as they may result in over- or under-investment in risk mitigation, or misalignment with business objectives. References = Risk and Information Systems Control Study Manual, Chapter 2, Section 2.2.2, page 47