What action is best when a critical risk has been identified but resources for mitigation are not immediately available?

What action is best when a critical risk has been identified but resources for mitigation are not immediately available?

• A. Log the risk in the risk register
• B. Capture the risk once resources are available
• C. Escalate the risk report to senior management
• D. Review the risk level with senior management

Answer: (C)

When a critical risk has been identified but resources for mitigation are not immediately available, escalating the risk report to senior management is an appropriate action. This step ensures that higher-level decision-makers are informed of the situation and can prioritize resources effectively. Senior management may have access to additional resources or have the authority to allocate them in response to critical risks. By escalating the risk, the organization also fosters a culture of transparency and accountability regarding risk management. This is vital for ensuring that potential threats are addressed in a timely manner and that necessary strategies are put in place to either mitigate the risk or manage its impact. In contrast, logging the risk in the risk register maintains a record but does not actively address the immediate concern. Capturing the risk for future action once resources are available could lead to delays in addressing a critical issue. Similarly, reviewing the risk level with senior management may be useful, but it does not inherently prompt the allocation of resources or implementation of a mitigation strategy. The best course of action is to escalate the risk to ensure it receives the necessary attention and resources.

When a critical risk has been identified but resources for mitigation are not immediately available, escalating the risk report to senior management is an appropriate action. This step ensures that higher-level decision-makers are informed of the situation and can prioritize resources effectively. Senior management may have access to additional resources or have the authority to allocate them in response to critical risks.

By escalating the risk, the organization also fosters a culture of transparency and accountability regarding risk management. This is vital for ensuring that potential threats are addressed in a timely manner and that necessary strategies are put in place to either mitigate the risk or manage its impact.

In contrast, logging the risk in the risk register maintains a record but does not actively address the immediate concern. Capturing the risk for future action once resources are available could lead to delays in addressing a critical issue. Similarly, reviewing the risk level with senior management may be useful, but it does not inherently prompt the allocation of resources or implementation of a mitigation strategy. The best course of action is to escalate the risk to ensure it receives the necessary attention and resources.