A purchase order approval process is a set of procedures that companies use to authorize the purchase of goods or services from suppliers1. This process typically involves multiple levels of approvals, ensuring that purchases are compliant with company regulations and policies, and within budget limitations1. Sometimes, a department may be granted an exception to bypass the existing approval process for purchase orders, for example, due to urgency, emergency, or special circumstances2. However, such exceptions should not compromise the effectiveness and integrity of the purchase order approval process, and should be properly documented and justified2. Therefore, the risk practitioner should verify that the exception has been approved by senior management, as they are ultimately responsible for setting and overseeing the purchase order approval process, and for ensuring that the exceptions are reasonable and aligned with the company's objectives and risk appetite3. Internal audit is not the correct answer, as they are not involved in approving the purchase order approval process or its exceptions. Internal audit's role is to provide independent assurance and advice on the adequacy and effectiveness of the purchase order approval process and its controls, and to report any issues or recommendations for improvement4. Control owner is not the correct answer, as they are not involved in approving the purchase order approval process or its exceptions. Control owner's role is to design, implement, and operate the controls that support the purchase order approval process, and to monitor and report on the performance and compliance of the controls5. Risk manager is not the correct answer, as they are not involved in approving the purchase order approval process or its exceptions. Risk manager's role is to identify, assess, and mitigate the risks associated with the purchase order approval process, and to communicate and report on the risk status and issues6. References = 1: A Step-by-Step Guide to a Purchase Order Approval Process2: Purchase Order Exceptions | Fordham3: Purchase Order (PO) Approval Process and Approval Workflow - ProcureDesk4: IT Risk Resources | ISACA5: CRISC Resources [updated 2021] | Infosec6: Risk and Information Systems Control Study Manual, Chapter 4: Risk and Control Monitoring and Reporting, Section 4.2: Risk Monitoring, pp. 189-191.

Section: Volume D

Section: Volume C
Explanation:
Among the given choices only Acceptance response is used for negative risk events. Risk acceptance means that no action is taken relative to a particular risk; loss is accepted if it occurs. If an enterprise adopts a risk acceptance, it should carefully consider who can accept the risk. Risk should be accepted only by senior management in relationship with senior management and the board. There are two alternatives to the acceptance strategy, passive and active.
* Passive acceptance means that enterprise has made no plan to avoid or mitigate the risk but willing to accept the consequences of the risk.
* Active acceptance is the second strategy and might include developing contingency plans and reserves to deal with risks.
Incorrect Answers:
A, B, C: These all are used to deal with opportunities or positive risks, and not with negative risks.

The most important outcome of reviewing the risk management process is assuring that the risk profile supports the IT objectives, because this ensures that the organization is managing its IT-related risks in alignment with its business goals and priorities. The risk profile is a summary of the key risks that the organization faces, their likelihood, impact, and response strategies. The IT objectives are the specific and measurable outcomes that the organization expects to achieve from its IT investments and activities. By reviewing the risk management process, the organization can evaluate whether the risk profile is accurate, complete, and up-to-date, and whether the risk responses are effective, efficient, and consistent with the IT objectives. The review can also identify any gaps, issues, or opportunities for improvement in the risk management process, and provide recommendations for enhancing the process and its outcomes. The review can also help to communicate and report the value and performance of the risk management process to the senior management, the board of directors, and other stakeholders. References = Risk IT Framework, ISACA,
2022, p. 17

Section: Volume C
Explanation:
A policy is an executive mandate which helps in identifying a topic that contains particular risks to avoid or prevent. Policies are high-level documents signed by a person of high authority with the power to force cooperation. The policy is a simple document stating that a particular high-level control objective is important to the organization's success. Policies are usually only one page in length. The authority of the person mandating a policy will determine the scope of implementation.
Hence in other words, policy is an overall statement of information security scope and direction.
Incorrect Answers:
A, B, D: These are not the valid definitions of the policy.