Overseeing the identification and evaluation of risks that apply to their application and ensuring mitigation controls are implemented is the correct option. The application owner is the person who knows the application design and business context and who must make sure risks to that application are found assessed and mitigated.

Application owners are responsible for classifying assets defining acceptable risk levels and coordinating with security and operations teams to implement controls and track remediation activities. They therefore own the risk lifecycle for their application and ensure that technical and procedural controls are applied where needed.

Managing the organization network and cloud topology is not correct because network and cloud topology are typically managed by infrastructure or network teams rather than by an individual application owner. Those teams handle routing segmentation and cloud architecture concerns.

Google Cloud IAM is not correct because it is a specific product or service for identity and access management and not a role or responsibility of an application owner. The application owner may use IAM to enforce controls but the option names a tool rather than a management responsibility.

Creating the enterprise risk management framework for the entire company is not correct because establishing the enterprise risk framework is usually the responsibility of senior risk and governance functions or a chief risk officer. That is a company wide governance task and not specific to an application owner.

Full AWS Practitioner Certification Question