The best key performance indicator (KPI) to measure the effectiveness of the security patching process is the percentage of patches installed successfully within the expected time frame. This KPI can help to evaluate how well the security patching process meets the predefined objectives and standards, and how timely the patches are applied to reduce the risk exposure. The percentage of patches installed by the security administration team, successfully during the first attempt, or without causing an unplanned system outage are other possible KPIs, but they are not as relevant as the percentage of patches installed successfully within the expected time frame. References = ISACA Certified in Risk and Information Systems Control (CRISC) Certification Exam Question and Answers, question 7; CRISC Review Manual, 6th Edition, page 202.

The three lines of defense model is a framework that describes the roles and responsibilities of different stakeholders in the risk management and internal control processes of an organization. The three lines of defense are:
* The first line of defense: the operational management and staff who are responsible for identifying, assessing, and responding to the risks, as well as implementing and maintaining the controls within their areas of activity.
* The second line of defense: the risk management, compliance, and security functions who are responsible for establishing the risk policies and standards, providing guidance and support, monitoring and reporting on the risk performance and compliance, and facilitating the risk management and internal control processes across the organization.
* The third line of defense: the internal audit function who is responsible for providing independent and objective assurance on the effectiveness and efficiency of the risk management and internal control processes, as well as recommending improvements and best practices. The stakeholders who are typically included as part of a line of defense within the three lines of defense model are the legal team, who belong to the second line of defense. The legal team is responsible for ensuring that the organization complies with the relevant laws and regulations, as well as for advising and assisting the organization on the legal aspects and implications of the risk management and internal control processes. References = Risk and Information Systems Control Study Manual, Chapter 1, Section 1.4.1, p. 32-33

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

While responsibility and accountability generally remain with the enterprise, financial impact (e.g., via insurance or outsourcing) can be transferred to a third party.
Reference:CRISC Manual - Domain 3, Slide 306

A risk heat map is the best tool to enable senior management to compare the ratings of risk scenarios, as it provides a visual representation of the risk level and priority of each risk scenario, based on the combination of the likelihood and impact ratings, and the risk tolerance and appetite of the organization. Key risk indicators (KRIs), key performance indicators (KPIs), and control self-assessment (CSA) are not the best tools, as they are more related to the measurement, monitoring, or testing of the risk scenarios, respectively, rather than the comparison of the risk scenarios. References = CRISC Review Manual, 7th Edition, page 110.