In risk management, who is ultimately responsible for the implementation of risk management plans?

In risk management, the ultimate responsibility for the implementation of risk management plans lies with senior management. This is primarily because senior management establishes the organization’s overall risk management framework and ensures that policies and procedures align with the strategic goals of the company. They are responsible for allocating resources, setting priorities, and fostering a risk-aware culture throughout the organization.

Additionally, senior management has the authority to make high-level decisions regarding the risk appetite of the organization and the strategies to mitigate risks. While risk managers and operational staff play crucial roles in executing the plans and addressing day-to-day risks, it is the senior management that provides the leadership and commitment required for effective risk management at all levels of the organization.

Other positions, such as insurance brokers, are involved in advising and procuring insurance solutions, but they do not hold the ultimate responsibility for implementing risk management strategies within the organization.