Explanation
Risks are diverse and arise from both external and internal sources. This is true because risks are uncertainties that can have positive or negative effects on an organization's objectives. Risks can arise from various sources that are either outside or inside the organization's control. External sources of risk include natural disasters, cyberattacks, market fluctuations, customer preferences, competition, regulation, or political instability.
Internal sources of risk include human error, fraud, system failure, process inefficiency, organizational culture, or strategic decisions. Verified References:
https://www.investopedia.com/terms/b/businessrisk.asphttps://www.thebci.org/training-qualifications/good-pract

Risk ownership must be clearly set out, documented and agreed with the individual owners at all levels of the operational risk management process. This is true because risk ownership is one of the key principles of business continuity management. Risk ownership means that each risk has a designated person who is responsible and accountable for its identification, assessment, treatment, monitoring, and reporting. Risk owners should have the authority and resources to manage their risks effectively and efficiently. Verified References: https://www.iso.org/publication/PUB100442.htmlhttps://www.thebci.org/training-qualifications
/good-practice-guidelines.html

Explanation
A formal "disaster" can only be declared by the firm owners or by the IT Department Manager. This is false because a formal "disaster" can be declared by any authorized person who has the responsibility and authority to activate the business continuity and disaster recovery plan. The authorized person may vary depending on the type, scope, and severity of the disaster, but it should be clearly defined in the plan who can declare a disaster and under what circumstances. The authorized person should also communicate the declaration of a disaster to all relevant stakeholders, such as employees, customers, suppliers, partners, regulators, media, or the public. Verified References:
https://www.ready.gov/business-continuity-planhttps://www.csoonline.com/article/515730/business-continuity-a