A risk treatment plan is a document that outlines the actions and resources required to implement the chosen risk response for a specific risk1. A risk response is a strategy or action that is taken or planned tomitigate or eliminate the risk, such as avoiding, transferring, reducing, or accepting the risk2. A risk owner is a person or entity that has the authority and accountability for a risk and its management3. If the implementation of a risk treatment plan will exceed the resources originally allocated for the risk response, the risk owner’s next action should be to escalate to senior management, which is the group of senior leaders who have the authority and accountability for the organization’s performance and governance4. By escalating to senior management, the risk owner can inform and consult them about the situation and the implications, and seek their guidance and approval for the necessary adjustments or alternatives. Escalating to senior management can also help to ensure that the risk treatment plan is aligned with the organization’s strategy, vision, and mission, and that the risk response is consistent with the organization’s risk appetite and tolerance5. Performing a risk assessment, accepting the risk of not implementing, and updating the implementation plan are not the best choices for the risk owner’s next action, as they do not provide the same level of communication and consultation as escalating to senior management. Performing a risk assessment is a process that involves identifying, analyzing, and evaluating the risks and their potential impacts on the organization’s objectives and performance6. Performing a risk assessment can help to update and validate the risk information and the risk treatment plan, but it does not address the issue of the resource shortfall or the stakeholder expectations. Acceptingthe risk of not implementing is a decision that involves acknowledging and tolerating the risk or its impact without taking anyaction to reduce or eliminate it7. Accepting the risk of not implementing can help to avoid the additional cost and effort of the risk treatment plan, but it does not consider the potential consequences or the stakeholder interests. Updating the implementation plan is a process that involves revising and modifying the plan for executing the risk treatment plan, such as the scope,schedule, budget, or quality8. Updating the implementation plan can help to reflect the changes and updates in the risk treatment plan, but it does not resolve the problem of the resource gap or the stakeholder approval. References = 1: Risk Treatment and Response Plans - UNECE2: Risk Response Strategy and Contingency Plans - ProjectManagement.com3: [Risk Ownership - Risk Management] 4: [Senior Management - Definition, Roles and Responsibilities] 5: [Risk Appetite and Tolerance - ISACA] 6: [Risk Assessment - an overview | ScienceDirect Topics] 7: [Risk Acceptance - an overview | ScienceDirect Topics] 8: [Implementation Plan - an overview | ScienceDirect Topics] : [Risk and Information Systems Control Study Manual, Chapter 3: Risk Response, Section 3.1: Risk Response Options, pp. 113-115.] : [Risk and Information Systems Control Study Manual, Chapter 4: Risk and Control Monitoring and Reporting, Section 4.2: Risk Monitoring, pp. 189-191.] : [Risk and Information Systems Control Study Manual, Chapter 5: Information Systems Control Design and Implementation, Section 5.1: Control Design, pp. 233-235.] : [Risk and Information Systems Control Study Manual, Chapter 5: Information Systems Control Design and Implementation, Section 5.2: Control Implementation, pp. 243-245.] : [Risk and Information Systems Control Study Manual, Chapter 5: Information Systems Control Design and Implementation, Section 5.3: Control Monitoring and Maintenance, pp. 251-253.]
