Risk Governance
What is Risk Governance?
The organizational structures, policies, and processes that direct and control risk management activities across the enterprise.
Terms that appear alongside risk governance
Each of these is named in at least one of the same controls as risk governance. The number is how many controls name both.
- governance 26 shared controls
- risk appetite 11 shared controls
- audit 7 shared controls
- governance framework 7 shared controls
- risk appetite statement 6 shared controls
- internal audit 5 shared controls
- cybersecurity 5 shared controls
- risk assessment 4 shared controls
Frameworks that govern risk governance
What the standards actually require on risk governance
Requirements naming risk governance across 6 standards, quoted from the control text.
Establish and adhere to compensation and performance management programs that comply with applicable statute and regulation and are appropriate to attract and retain the talent needed to design, implement and maintain an effective framework.
occ-heightened-standards-12-cfr-part-30-appendix-d::II.M.3 · II.M.3 Attract and retain risk governance talent →Applying the risk governance principle to IT is expected to show up as critical and strategic IT risks overseen against a set appetite, opportunities weighed with threats, and digital resilience demonstrated, and through them to contribute to the three outcome...
iso-iec-38500-2024::5.10.3 · Risk governance: outcomes →Establish Board oversight of Open Banking risk through Board Audit Committee + Board Risk Committee with quarterly reporting + executive responsibility + Open Banking Manager appointment + risk appetite statements.
NGOB-8 · Board Oversight, Business Continuity, and Open Banking Risk Governance →SIG risk domain A, Enterprise Risk Management. The third party has a formal enterprise risk management and risk governance program with a decision-making framework to identify, classify and respond to internal and external risks, a documented risk assessment c...
sig-shared-assessments::A · Operate an enterprise risk management and risk governance program →Specifies the key elements of a risk management framework: risk governance and a risk appetite framework; the responsibilities of the board and senior management (setting risk appetite and monitoring, firm-wide risk management, specialised committees);
hkma-spm::IC-1 · IC-1 Risk Management Framework →The risk management strategy must at least describe each material risk identified and the approach to managing it, list the policies and procedures dealing with risk management matters, summarise the role and responsibilities of the risk management function, d...
CPS220-P30 · Minimum Contents of the Risk Management Strategy →Questions people ask about risk governance
What is Risk Governance?
Why is Risk Governance important for compliance?
Which compliance frameworks address Risk Governance?
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See how Risk Governance applies across compliance frameworks
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