The operational risk committee is the group responsible for collecting all relevant operational risk information from the business lines. This committee is tasked with producing aggregated, synthesized reporting based on the collected data. The operational risk committee plays a crucial role in operational risk management as it provides a holistic view of the operational risks faced by the organization. By aggregating and synthesizing the risk information, the committee can identify patterns, trends, and areas of concern that may not be apparent at the individual business line level. This comprehensive view allows the committee to provide valuable feedback to the business lines, helping them to manage their operational risks more effectively.

Choice A is incorrect. The risk champions are typically responsible for promoting a risk-aware culture within their respective business lines, not for the collection and consolidation of operational risk data.

Choice C is incorrect. The audit committee's role primarily involves overseeing the organization's internal control systems, financial reporting processes, and audits of financial statements. They do not typically handle the collection and consolidation of operational risk data.

Choice D is incorrect. The executive committee usually focuses on strategic decision-making based on the information provided by other groups such as the operational risk committee. They do not directly involve themselves in collecting or consolidating operational risk data.

Things to Remember