Simply put, risk management is all about coordinated activities to control and direct an organization with unwarranted risks. On similar lines, a risk management framework can be defined as a set of components that offer the foundation and entrepreneurial arrangements for designing, executing, monitoring, reviewing and continually enhancing risk management across an enterprise.

1. Avoid Unforeseen Risks with Risk Management Frameworks
Simply put, risk management is all about coordinated activities to control and direct an organization with
unwarranted risks. On similar lines, a risk management framework can be defined as a set of components that
offer the foundation and entrepreneurial arrangements for designing, executing, monitoring, reviewing and
continually enhancing risk management across an enterprise.
According to an audit “Managing Risk Across the Public Sector” conducted by the Victorian Auditor-General’s
Office, it was revealed that risk management frameworks are still on its way in becoming a mature business
discipline. In addition to that certain public sector enterprises still do not thoroughly assess risks and estimate risk
controls. Some of the key findings of the audit comprises of the following:
The central agencies have been offered guidance on information risk management through ministerial,
legislation directions and portfolio guidelines, but they are not compact departments. On the other hand,
the agencies have resorted to risk management frameworks and processes that help them to implement
the same across the enterprise.
Majority of departments have not aligned their risk evaluations to the corporate objectives departments.
Most of this includes adequate data to help them have a clear understanding of the way risks are being
managed.
Most agencies have their audit committee that is accountable to offer insight about risk management.
However, in order to help organizations to address unwarranted risks and other data thefts in the most
appropriate manner, companies specializing in data protection solutions have come up with advanced risk
management frameworks that functions in two phases. They are:
Strategy and Design
Here the service provider evaluates the company risk management strategy, policy, process and other compliance
requirements. Post this the company performs a risk identification, ranking, rating mechanisms and the
operational processes covering aspects like who performs risk management, who approves risk decisions and
many more. Depending on this evaluation, a comprehensive risk management framework is established that
outlines how risk management needs are to be conducted and comprises of education sessions for the ‘risk
SPOC/champions’.
Implementation and sustenance
Here the service provider helps the company to execute an established risk management frameworks, attained by
training the risk SPOC or champions, designing the risk management templates, customizing the rating and ranking
mechanism to address different kinds of assets. It also offers project management skills and technical
implementation expertise for proper implementation according to the design criteria.
Today expert service providers help companies to set up a robust risk assessment and treatment framework that
assists all the processes, vendors and information technology assets and the like. They usually follow a modular
and holistic approach that helps you to make the most of risk management solutions for designing, transforming
and sustaining risk management framework.
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