A process-driven tool that enables senior management to visualize, assess, and manage significant risks that may adversely impact the attainment of key organizational objectives. The framework consists of a continuous risk management process which is:
- Applied across the entire organization
- Used to identify, assess, prioritize, and manage the internal and external risks that impact the organization
- Driven by a decision-support process that is aligned with the management and execution of the company’s strategic objectives
- Enhanced by coordinated policies and procedures, the assignment of roles and responsibility, comprehensive reporting and communication, and the adoption of risk-based culture
