Control owners, operating in the first line of defense, are responsible for the execution of controls. Reviewing a monthly report on control operation aligns with their responsibilities in ensuring effective control performance.
After a second analysis, I must rectify this answer. In the three lines of defense model, the activities completed by the FIRST line of defense generally involve the day-to-day operations of the organization and include implementing and maintaining effective internal controls to manage risks.
Therefore, the activity "Control owners review a monthly report on the operation of high-risk controls" would typically be completed by the FIRST line of defense. This activity involves the control owners, who are responsible for implementing and maintaining internal controls within their area of responsibility, reviewing a report that summarizes the operation of high-risk controls.
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