Risk Management Framework
|1. Risk Management Framework is ....|
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