Risk Management Framework

1. Risk Management Framework is ....

(Source: Business Continuity Management Institute - BCM Institute)

2. Set of components that provide the foundations and organizational arrangements for designing, implementing, monitoring (2.28), reviewing and continually improving risk management (2.2) throughout the organization

Notes (1) : The foundations include the policy, objectives, mandate and commitment to manage risk (2.1).

Notes (2) : The organizational arrangements include plans, relationships, accountabilities, resources, processes and activities.

Notes (3) : The risk management framework is embedded within the organization's overall strategic and operational policies and practices. [ISO Guide 73:2009, definition 2.1.1]

(Source: ISO 31000:2009 – Risk Management — Principles and Guidelines) - clause 2.3