Who is primarily responsible for overseeing risk management decisions in an organization?

The senior management team is primarily responsible for overseeing risk management decisions in an organization because they hold the strategic vision and have the authority to implement policies that affect the entire company. Their role includes assessing potential risks, prioritizing them, and ensuring that effective risk management strategies are in place. This team has the experience and understanding of the organization's goals, resources, and risk appetite, making them well-positioned to make informed decisions regarding risk management.

The marketing department, claims department, and accounting team play important roles within an organization, but their focuses are more specialized. The marketing department is concerned with promoting products and services, while the claims department handles specific insurance claims. The accounting team deals with financial reporting and budgeting. These functions contribute to the organization’s overall operations but do not encompass the broad oversight of risk management that senior management is tasked with.