* Risk responses are the actions or strategies that are taken to address the risks that may affect the organization's objectives, performance, or value creation12.
* The most effective way to increase the likelihood that risk responses will be implemented is to assign ownership, which is the process of identifying and appointing the individuals or groups who are responsible and accountable for the execution and monitoring of the risk responses34.
* Assigning ownership is the most effective way because it ensures the clarity and commitment of the roles and responsibilities for the risk responses, and avoids the confusion or ambiguity that may arise from the lack of ownership34.
* Assigning ownership is also the most effective way because it enhances the communication and collaboration among the stakeholders involved in the risk responses, and provides the feedback and input that are necessary for the improvement and optimization of the risk responses34.
* The other options are not the most effective way, but rather possible steps or tools that may support or complement the assignment of ownership. For example:
* Creating an action plan is a step that involves defining and documenting the specific tasks, resources, timelines, and deliverables for the risk responses34. However, this step is not the most effective way because it does not guarantee the implementation of the risk responses, especially if there is no clear or agreed ownership for the action plan34.
* Reviewing progress reports is a tool that involves collecting and analyzing the information and data on the status and performance of the risk responses, and identifying the issues or gaps that need to be addressed34. However, this tool is not the most effective way because it does not ensure the implementation of the risk responses, especially if there is no ownership for the progress reports or the corrective actions34.
* Performing regular audits is a tool that involves conducting an independent and objective assessment of the adequacy and effectiveness of the risk responses, and providing the findings and recommendations for improvement56. However, this tool is not the most effective way because it does not ensure the implementation of the risk responses, especially if there is no ownership for the audit results or the follow-up actions56. References =
* 1: Risk IT Framework, ISACA, 2009
* 2: IT Risk Management Framework, University of Toronto, 2017
* 3: Risk Response Plan in Project Management: Key Strategies & Tips1
* 4: ProjectManagement.com - How to Implement Risk Responses2
* 5: IT Audit and Assurance Standards, ISACA, 2014
* 6: IT Audit and Assurance Guidelines, ISACA, 2014

It is most important for a risk practitioner to have an awareness of an organization's processes in order to identify potential sources of risk, as this enables the risk practitioner to understand the objectives, activities, resources, dependencies, and outputs of the processes, and how they may be affected by internal or external factors that create uncertainty or variability. Identifying potential sources of risk is the first step in the risk identification process, which aims to find, recognize, and describe the risks that could affect the achievement of the organization's goals. The other options are not the most important reasons for a risk practitioner to have an awareness of an organization's processes, although they may be related or beneficial aspects of it.
Performing a business impact analysis is a part of the risk analysis process, which aims to understand the nature and extent of the risks and their consequences on the organization's objectives and functions.
Establishing risk guidelines is a part of the risk governance process, which aims to define and communicate the risk management principles, policies, and roles across the organization. Understanding control design is a part of the risk response process, which aims to select and implement the appropriate actions to modify the risk level or achieve the risk objectives. References = Risk and Information Systems Control Study Manual, Chapter 2: IT Risk Identification, page 47.

According to the CRISC Review Manual1, the business owner is the person who has the authority and accountability for the achievement of the business objectives and the management of the associated risks. The business owner is ultimately responsible for ensuring that the IT services and solutions support the business needs and goals, and for accepting or rejecting the residual risks after the implementation of risk responses. Therefore, the business owner should own the risk associated with calculation errors, as they are the ones who will be affected by the potential impact of the errors on the financial data and decisions. References = CRISC Review Manual1, page 194.

The best way to ensure the implementation of corrective action plans is to assign accountability to risk owners. Corrective action plans are the plans that describe the actions and resources that are needed to correct or improve the performance or compliance of the processes or controls. Risk owners are the persons who have the authority and responsibility for managing the risks and their responses. By assigning accountability to risk owners, the implementation of corrective action plans can be monitored, evaluated, and enforced, and the results and outcomes can be reported and communicated. The other options are not as effective as assigning accountability to risk owners, as they are related to the training, scheduling, or outsourcing of the corrective action plans, not the oversight or governance of the corrective action plans. References = Risk and Information Systems Control Study Manual, Chapter 4: Risk and Control Monitoring and Reporting, Section
4.4: Key Control Indicators, page 211.

* Global standards related to risk management are documents that provide the principles, guidelines, and best practices for managing risk in a consistent, effective, and efficient manner across different organizations, sectors, and regions12.
* The primary reason for a risk practitioner to use global standards related to risk management is to continuously improve risk management processes, which are the activities and tasks that enable the organization to identify, analyze, evaluate, treat, monitor, and communicate the risks that may affect its objectives, performance, and value creation34.
* Continuously improving risk management processes is the primary reason because it helps the organization to enhance its risk management capabilities and maturity, and to adapt to the changing risk environment and stakeholder expectations34.
* Continuously improving risk management processes is also the primary reason because it supports the achievement of the organization's goals and the delivery of value to the stakeholders, which are the ultimate purpose and outcome of risk management34.
* The other options are not the primary reason, but rather possible benefits or objectives that may result from using global standards related to risk management. For example:
* Building an organizational risk-aware culture is a benefit of using global standards related to risk management that involves creating and maintaining a shared understanding, attitude, and behavior towards risk among the organization's employees and leaders, and fostering a culture of accountability, transparency, and learning34. However, this benefit is not the primary reason because it is an enabler and a consequence of continuously improving risk management processes, rather than a driver or a goal34.
* Complying with legal and regulatory requirements is an objective of using global standards related to risk management that involves meeting and exceeding the expectations and obligations of the external authorities or bodies that govern or oversee the organization's activities and operations, such as laws, regulations, standards, or contracts34. However, this objective is not the primary reason because it is a constraint and a challenge of continuously improving risk management processes, rather than a motivation or a benefit34.
* Identifying gaps in risk management practices is an objective of using global standards related to risk management that involves assessing and comparing the current and desired state of the organization's risk management processes, and identifying the areas or aspects that need to be improved or addressed34. However, this objective is not the primary reason because it is a step and a tool of continuously improving risk management processes, rather than a reason or a result34. References =
* 1: ISO - ISO 31000 - Risk management1
* 2: Risk Management Standards2
* 3: Risk IT Framework, ISACA, 2009
* 4: IT Risk Management Framework, University of Toronto, 2017