Final answer:
Management teams, often through their risk management or internal audit departments, are responsible for determining how to document identified risks and related controls. The approach depends on the organization's policies, size, regulatory requirements, and industry standards. These policies ensure that documentation practices are consistent and effective and that they meet internal and external expectations.
Step-by-step explanation:
Who determines the manner, form, and extent with which to document risks identified and related controls evaluated? Within an organization, this responsibility typically falls to the management team, particularly those working in risk management or internal audit roles. These individuals or departments are tasked with establishing risk management policies and procedures that dictate the documentation process for identifying risks and evaluating the effectiveness of controls in place. These policies enable consistency, accountability, and effectiveness in the organization's risk management practices.
The specific details of how risks and controls are documented may vary depending on the organization's size, complexity, regulatory requirements, and industry standards. In some cases, external regulatory bodies or industry guidelines may also influence the documentation standards to ensure compliance. It is the duty of the assigned management to ensure that their risk documentation aligns with these requirements, balancing both internal needs and external expectations.
Examples include the creation of risk registers, control assessments, and the use of risk management software which often reflects the management's philosophy and operational style in addressing and documenting risks. Ultimately, the goal is to capture sufficient detail to allow for effective risk analysis, decision-making, and assurance processes within the organization.