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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.

Risk Management

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.

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
DORA5 controls

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-13 controls

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

What is Risk Management Framework?
A set of components that provide the foundations and organizational arrangements for designing, implementing, and improving risk management.
Why is Risk Management Framework important for compliance?
Risk Management Framework is a key concept in Risk Management. Understanding risk management framework helps organizations meet regulatory requirements, reduce risk, and demonstrate due diligence during audits. Our compliance platform maps 686 frameworks with 311K cross-framework control mappings.
Which compliance frameworks address Risk Management Framework?
Risk Management Framework appears in the requirement text of APRA CPS 220 Risk Management, APRA SPS 220 Risk Management (Superannuation), DORA, APRA CPS 230 Operational Risk Management, HKMA TM-G-1. Across these standards we have identified 44 controls that name it directly, each linked to the control text on the compliance platform.
Where can I learn more about Risk Management Framework?
Explore our compliance framework pages to see how risk management framework applies across different standards and regulations. Our implementation guides provide step-by-step guidance, and the compliance platform offers AI-powered analysis of how this concept maps across 686 frameworks.

See how Risk Management Framework applies across compliance frameworks

Our platform maps 686 frameworks with 311K cross-framework control mappings. Explore how this concept is addressed across standards.

Written and maintained by Gerard Blokdyk, The Art of Service.