According to the ISA/IEC 62443 standards, the level of risk an organization is willing to tolerate is determined by the management, as they are responsible for defining the business and risk objectives, as well as the security policies and procedures for the organization. The management also has the authority to allocate the necessary resources and assign the roles and responsibilities for implementing and maintaining the security program. The legal, operations, and safety departments may provide input and feedback to the management, but they do not have the final say in determining the risk tolerance level. References: ISA/IEC
62443-2-1:2010 - Establishing an industrial automation and control systems security program, section 4.2.1.