Incident Response/Incident Management

Are any of you familiar with incident response/incident management as an actual role in IT? In my experience, this type of position is less technical and mainly focuses on alert monitoring/escalation and quality control of incidents (ensuring tickets are filled out properly, has detailed notes/documentation, and ensuring teams resolve incidents within SLA). Is it a standard practice to have teams dedicated to just this?
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If a company had the Incident Management job, I would look at the size of the organization (larger companies have more roles and the need for coordinators)....but if the company seems medium or smallish, they probably have so many things going on along with trouble tuning their alerts and responses so that role will be busy.
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