Any time there is an evolution with above average risk, the CO/XO are expected to be involved. I'd be interested to hear about a CO being fired due solely to the actions of a JO.
Which is why the correct answer to pretty much any question on an OOD board is, "Call the Captain."
Anecdote follows: After the departure of my first Captain, and the three-day party thrown by the survivors, we get underway with the new CO. Old captain was a micro-manager and screamer of the first magnitude, and Sea & Anchor with that guy was always a pain epic, even routine u/w from homeport. So as we're passing Sub Base (Point Loma) headed outbound, the new CO made a point of telling the OOD (2d-tour JO) "Okay, FCO, looks like you've got it wired. I'll be in my cabin. C'mon, XO, let's look at the Chiefs' fitreps."
The stunned looks on everyone's faces were priceless. Being trusted was an utterly foreign feeling.