Which of the following is the PRIMARY reason to have the risk management process reviewed by a third party?

The risk management process is the systematic and continuous process of identifying, analyzing,

evaluating, and treating the risks that may affect the organization’s objectives, operations, or

assets1. The risk management process should be aligned with the organization’s overall risk

management framework and strategy, and support the organization’s value creation and

protection2.

Having the risk management process reviewed by a third party is a good practice that can provide

various benefits for the organization, such as:

Enhancing the credibility and reliability of the risk management process and outcomes

Identifying and addressing any weaknesses, gaps, or errors in the risk management process and

controls

Providing independent and objective feedback and recommendations for improving the risk

management process and performance

Ensuring compliance with the relevant laws, regulations, and standards for risk management3

Among the four options given, the primary reason to have the risk management process reviewed by

a third party is to obtain an objective view of process gaps and systemic errors. This means that the

third party can help to:

Assess the adequacy and effectiveness of the risk management process and its alignment with the

organization’s risk appetite and tolerance

Detect and report any inconsistencies, inefficiencies, or inaccuracies in the risk identification,

analysis, evaluation, or treatment activities

Identify and prioritize the root causes and consequences of the process gaps and systemic errors, and

their impact on the organization’s risk exposure and acceptance

Suggest and implement corrective or preventive actions that can resolve or mitigate the process gaps

and systemic errors, and prevent their recurrence

Reference = Risk Management Process - ISO 31000, Enterprise Risk Management - Wikipedia, How to

Select a Third-Party Risk Management Framework