Final answer:
2) Risk assessment is not a component of the control environment; it is a separate component of the COSO framework designed for identifying and managing risks that could impede achieving organizational goals.
Step-by-step explanation:
The component that is not a part of the control environment listed in the question is Risk assessment. The control environment is one of the five components of internal control, according to the Committee of Sponsoring Organizations of the Treadway Commission (COSO) framework. It includes factors such as integrity and ethical values, commitment to competence, and organizational structure, which set the tone at the top and lay the foundation for a disciplined structure.
Risk assessment, on the other hand, is a separate component of the COSO framework that involves identifying and analyzing risks which could prevent an organization from achieving its objectives. Risk assessment is designed to manage risks, not directly control the environment itself.