The organization's process owner should own the risk of exposing the payroll data due to a control weakness at the third party, because the process owner is the person who is responsible for the business process that generates, uses, or transfers the payroll data. The process owner should also ensure that the third party complies with the contractual obligations and service level agreements that define the expected performance and security standards of the payroll data processing. The other options are not the correct answers, because they are not the primary owners of the risk, although they may also be involved in the risk management process. The third party's IT operations manager, the third party's chief risk officer (CRO), and the organization's risk practitioner are examples of secondary owners or stakeholders of the risk, who may provide support, guidance, or oversight to the risk owner, but they are not accountable for the risk or the risk response strategy. References = CRISC: Certified in Risk & Information Systems Control Sample Questions

* Events exceeding risk thresholds are situations or occurrences that result in the actual level of risk exceeding the acceptable or tolerable level of risk, as defined by the organization's risk appetite, criteria, and objectives12.
* The most effective way to enable a business operations manager to identify events exceeding risk thresholds is to implement continuous monitoring, which is a process that involves collecting and analyzing data and information on the performance and status of the business processes, systems, and controls, and detecting and reporting any deviations, anomalies, or issues that may indicate a risk event34.
* Continuous monitoring is the most effective way because it provides timely and accurate visibility and insight into the risk landscape, and enables the business operations manager to identify and respond to the events exceeding risk thresholds before they escalate or cause significant harm or damage to the organization34.
* Continuous monitoring is also the most effective way because it supports the risk management process and objectives, which are to identify and address the risks that may affect the achievement of the organization's goals and the delivery of value to the stakeholders34.
* The other options are not the most effective ways, but rather possible tools or techniques that may complement or enhance the continuous monitoring. For example:
* A control self-assessment is a technique that involves engaging and empowering the business process owners and operators to evaluate and report on the effectiveness and efficiency of the controls that are designed and implemented to mitigate the risks56. However, this technique is not the most effective way because it is periodic rather than continuous, and it may not capture or communicate the events exceeding risk thresholds in a timely or consistent manner56.
* Transaction logging is a tool that involves recording and storing the details and history of the transactions or activities that are performed by the business processes or systems, and providing an audit trail for verification or investigation purposes78. However, this tool is not the most effective way because it is passive rather than active, and it may not detect or report the events exceeding risk thresholds unless they are analyzed or queried78.
* Benchmarking against peers is a technique that involves comparing and contrasting the performance and practices of the business processes or systems with those of the similar or leading organizations in the same or related industry, and identifying the gaps or opportunities for improvement . However, this technique is not the most effective way because it is external rather than internal, and it may not reflect or align with the organization's specific risk appetite, criteria, and objectives . References =
* 1: Risk IT Framework, ISACA, 2009
* 2: IT Risk Management Framework, University of Toronto, 2017
* 3: Continuous Monitoring - ISACA1
* 4: Continuous Monitoring: A New Approach to Risk Management - ISACA Journal2
* 5: Risk and control self-assessment - KPMG Global3
* 6: Control Self Assessments - PwC4
* 7: Transaction Log - Wikipedia5
* 8: Transaction Logging - IBM6
* : Benchmarking - Wikipedia7
* : Benchmarking: Definition, Types, Process, Advantages & Examples

The greatest challenge when implementing a corporate risk framework for a global organization is the management support. A corporate risk framework is a set of principles, policies, standards, and processes that guide and govern the risk management activities across the organization. A corporate risk framework helps to establish a consistent and integrated approach to risk management, and to align the risk management objectives and strategies with the business goals and values. Implementing a corporate risk framework for a global organization requires the management support, which is the commitment, involvement, and endorsement of the senior management and the board. Management support is essential for providing the vision, direction, and resources for the risk management initiatives, and for ensuring the accountability, responsibility, and ownership of the risk management roles and functions. Management support is also critical for creating and sustaining a risk-aware culture, and for promoting the risk management awareness and communication among the stakeholders. Management support can be challenging to obtain and maintain, especially for a global organization, as it may face various barriers, such as different expectations, priorities, preferences, or perspectives of the management, lack of trust or confidence in the risk management value or performance, resistance to change or innovation, or competing interests or agendas. Privacy risk controls, business continuity, and risk taxonomy are not as challenging as management support, as they are the components or outcomes of the corporate risk framework, and they can be addressed or improved by applying the appropriate methods, techniques, or tools. References = CRISC Review Manual, 6th Edition, ISACA,
2015, page 35.

A risk map is a visual tool that helps to communicate risk to management by showing the likelihood and impact of different risks on a matrix1. A risk map can help to:
Identify the most critical risks that need immediate attention or action Compare and prioritize risks based on their severity and probability Align risk management strategies with the organization's risk appetite and tolerance Communicate risk information in a clear and concise way that is easy to understand and interpret2 References = Risk and Information Systems Control Study Manual, Chapter 5: Risk Assessment Process3

The greatest concern when establishing key risk indicators (KRIs) is using ineffective methods to assess risk.
KRIs are metrics that measure the likelihood and impact of risks, and help monitor and prioritize the most critical risks. To establish effective KRIs, the risk assessment methods should be reliable, valid, consistent, and timely. Ineffective methods to assess risk could lead to inaccurate or misleading KRIs, which could result in poor risk management decisions and outcomes. The other options are not as significant as using ineffective methods to assess risk, although they may also affect the quality and usefulness of KRIs. References = Risk and Information Systems Control Study Manual, Chapter 4, Section 4.4.1, page 4-36.