Risk management framework
Set of components that provide the foundations and organizational arrangements for designing, implementing, monitoring (22.214.171.124), reviewing and continually improving risk management (2.1) throughout the organization.
NOTE 1 The foundations include the policy, objectives, mandate and commitment to manage risk (1.1).
NOTE 2 The organizational arrangements include plans, relationships, accountabilities, resources, processes and activities.
NOTE 3 The risk management framework is embedded within the organization’s overall strategic and operational policies and practices.
Source: ISO Guide 73:2009(E/F), Risk Management – Vocabulary, First Edition, 2009. Global Standards