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Within a governance structure for risk management, the second line of defense is primarily responsible for monitoring risk and controls. This function involves overseeing the effectiveness of the first line of defense (operational management and control implementation) and ensuring that risk management practices are properly integrated into business processes. It serves as a check on the adequacy and effectiveness of risk management across the organization. While conducting audits is a function of the third line of defense (internal audit), and identifying and assessing risk is often a shared responsibility, the distinct role of the second line is to provide ongoing monitoring and oversight of risk management and control processes.

Assigning information risk to a department without designating an individual owner is most likely to have a negative impact on accountability for information risk ownership. This lack of individual accountability can lead to ambiguities in responsibility, making it difficult to ensure that appropriate risk management actions are taken and followed up on. When an individual owner is clearly identified, it establishes direct responsibility and accountability, improving the effectiveness of risk management practices. While the scenarios described in the other options present challenges, the absence of a specific individual owner represents a fundamental weakness in establishing clear accountability for managing information risk.

The primary role of the CEO in IT governance is establishing enterprise strategic goals. The CEO is responsible for setting the vision and strategic direction of the organization, which includes ensuring that IT governance aligns with and supports these broader objectives. While managing the risk governance process, evaluating ROI, and nominating IT steering committee membership are important, these are typically shared responsibilities or delegated to other roles within the organization. The CEO's leadership in defining the strategic goals is fundamental to guiding all aspects of IT governance and ensuring alignment with the business strategy.

 The frequency of IT services risk profile updates is a metric that measures how often the IT organization assesses and updates the risks associated with its services. This metric is useful to ensure that IT services meet business requirements, as it helps to identify and mitigate potential threats and vulnerabilities that could affect the availability, performance, reliability, and security of the services. A high frequency of IT services risk profile updates indicates that the IT organization is proactive and responsive to changing business needs and expectations. A low frequency of IT services risk profile updates suggests that the IT organization is reactive and complacent, and may not be aware of or prepared for emerging risks that could impact the business. References := Performance Measurement Metrics for IT Governance - ISACA, The 8 IT service management metrics that matter most