Glossary · Operational
Control Ownership
Formal assignment of accountability for designing, implementing, monitoring, and maintaining specific risk controls to designated individuals.
Full definition
Control ownership clarifies who is responsible for ensuring controls operate effectively, preventing accountability gaps that lead to control failures. Owners must possess authority and resources to maintain controls, document procedures, monitor performance, and remediate deficiencies. Clear ownership is fundamental to the first line of defense in risk governance. For instance, in a financial institution, the treasury manager owns interest rate hedge effectiveness controls, including monthly validation, exception investigation, and timely reporting to the CFO.
governanceaccountabilitycontrolsoperational