Final answer:
The key characteristic of an effective risk management program according to ISO 31000 is that it should be tailored to fit the organization's unique risk and control environment.
Step-by-step explanation:
The key characteristic of an effective risk management program identified in ISO 31000 is that it fits the organization's risk and control environment. This means that the risk management approach must be tailored to the specifics of the business, its approach to risk, and the controls it has in place. ISO 31000 emphasizes a customized adaptation rather than a one-size-fits-all solution, ensuring that the risk management program is integrated with the organization's processes and takes into account its unique risk profile. In practice, this involves setting clear objectives, comprehensive tracking programs, and monitoring key indicators of performance and risk.