A key outcome of risk ownership is that risk responsibilities are addressed, as this means that the risk owner has the authority and accountability to manage the risk, and that the roles and expectations of the other stakeholders are clearly defined and agreed upon. Risk ownership is the process of assigning a person or entity with the responsibility to manage a particular risk. Risk ownership helps to ensure that the risk is properly identified, assessed, and treated, and that the risk status and performance are monitored and reported. The other options are not key outcomes of risk ownership, although they may be related or beneficial aspects of it.
Risk-related information is communicated is an outcome of risk reporting, which is a part of risk monitoring and control. Risk-oriented tasks are defined is an outcome of risk response planning, which is a part of risk treatment. Business process risk is analyzed is an outcome of risk assessment, which is a part of risk identification and analysis. References = Risk and Information Systems Control Study Manual, Chapter 2: IT Risk Identification, page 47.

Implement compensating controls until the preferred action can be completed, because it helps to reduce the residual risk to an acceptable level, while allowing the preferred action to be delayed or postponed. A risk treatment plan is a document that describes the actions and resources required to implement the chosen risk response strategy for a specific risk. A risk response strategy is a course of action that is selected to address a risk, such as avoid, transfer, mitigate, or accept. A compensating control is a control that provides an alternative or additional measure of protection or assurance, when the primary or preferred control is not feasible or effective. Implementing compensating controls is the best approach, as it helps to maintain the risk management process and objectives, and to avoid or minimize the negative consequences of the delay or postponement of the preferred action.
Developing additional key risk indicators (KRIs), replacing the action owner with a more experienced individual, and changing the risk response strategy of the relevant risk to risk avoidance are all possible approaches when a risk treatment plan cannot be completed on time, but they are not the best approach, as they may not address the residual risk level, and they may introduce new risks or issues.

According to the Risk and Information Systems Control Study Manual, the first step in prioritizing risk response is to address the high risk factors that have efficient and effective solutions. This means that management should focus on the risks that have the most impact on the organization's objectives and can be mitigated with the least amount of resources and effort. This approach helps to optimize the risk response process and achieve the best results in terms of risk reduction and value creation. References = Risk and Information Systems Control Study Manual, 7th Edition, Chapter 5, Section 5.3.2, Page 223.

Section: Volume A
Explanation:
The contract change control system is part of the project's change control system. It addresses changes with the vendor that may affect the project contract. Change control system, a part of the configuration management system, is a collection of formal documented procedures that define how project deliverables and documentation will be controlled, changed, and approved.
Incorrect Answers:
B: The scope may change because of the stakeholder change request.
Vendor's relationship to the project, hence this choice is not the best answer.
C: The cost change control system manages changes to costs in the project.
D: There is no indication that the change could affect the project schedule.