<jats:title>ABSTRACT</jats:title><jats:p>This study provides exploratory evidence on the associations between the assignment of senior-level “risk ownership” and the sophistication of the enterprise risk management (ERM) process, ERM sophistication differences in firms with single versus multiple risk owners, and the relationship between CFO risk ownership and Finance's role in the ERM process. Using a global, multi-industry survey, we find ERM sophistication positively associated with broader risk ownership and CFO risk ownership. Finance functions in firms with more sophisticated ERM practices and with CFOs who are risk owners tend to contribute to the identification, monitoring, and management of a broader range of financial, operational, and market risks. Firms with more sophisticated ERM report being better prepared when they encountered major risk events and having stronger competitive positions. However, risk ownership differences are not directly associated with these outcomes after controlling for ERM sophistication.</jats:p>