C. Risk ownership is assigned.
The most important characteristic of an effective risk management program is that risk ownership is assigned. Without clear ownership, it can be challenging to ensure that risks are adequately identified, assessed, and managed. When risk ownership is assigned, individuals or teams are accountable for managing specific risks, which includes developing and implementing risk response plans (Option A), defining key risk indicators (Option B), and mapping controls to key risk scenarios (Option D).
D. Controls are mapped to key risk scenarios.
Reasoning:
Mapping controls to key risk scenarios ensures that the organization has appropriate measures in place to address the specific risks that could adversely impact its operations or objectives. While the other options (A, B, C) are important components of a risk management program, having controls that directly address specific risks ensures that the organization is prepared to respond when those risks materialize.
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