Risk Management Framework
What is Risk Management Framework?
A set of components that provide the foundations and organizational arrangements for designing, implementing, and improving risk management.
Terms that appear alongside risk management framework
Each of these is named in at least one of the same controls as risk management framework. The number is how many controls name both.
- governance 18 shared controls
- audit 17 shared controls
- nist 16 shared controls
- risk appetite 14 shared controls
- compliance 13 shared controls
- material risk 10 shared controls
- enterprise risk management 9 shared controls
- business continuity 9 shared controls
Frameworks that govern risk management framework
What the standards actually require on risk management framework
Requirements naming risk management framework across 6 standards, quoted from the control text.
The institution must maintain a risk management framework that lets it develop and implement strategies, policies, procedures and controls for the different types of material risk and that gives the Board a comprehensive institution wide view of material risks...
CPS220-04 · Maintenance of a Risk Management Framework →The Board of the RSE licensee is ultimately responsible for the risk management framework.
SPS220-13 · Board Responsibility for the Risk Management Framework →Specified smaller and non-interconnected financial entities are subject to a simplified ICT risk management framework with proportionate requirements (sound systems, monitoring, business continuity, incident handling and testing).
DORA-Art.16 · Simplified ICT risk management framework →Operational risk management must be integrated into the entity overall risk management framework and processes, and business continuity planning must be consistent with and must not conflict with or undermine the entity recovery and exit planning.
CPS230-P18 · Integration with the Risk Management Framework and Recovery Planning →HKMA TM-G-1 Governance of Technology Risk. (1) BOARD AND SENIOR MANAGEMENT OVERSIGHT OF TECHNOLOGY RISK (TM-G-1.2.1) - Board approval of IT strategy + technology risk appetite + risk tolerance; senior management accountability + governance structure;
HKMA-TMG1-Governance-Board-Framework-Roles · TM-G-1 Governance - Board + Senior Mgmt Oversight + Technology Risk Management Framework + Roles →VASPs must establish and maintain a comprehensive enterprise risk management framework with regular assessments.
CRM-3 · Risk Management Framework →Questions people ask about risk management framework
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