Enterprise Risk Management: A Guide for Government Professionals

Chapter FourRisk Management Frameworks and Standards

As federal managers move toward strengthening risk management processes at their agencies, a risk framework or standard will be needed to help navigate the complexities of risk integration within the organization. Part of the process involves selecting a risk management framework and/or standard that works best for their organization. ERM implementers will discover, through massive searches of resources, that there are several frameworks and standards available for their consideration. However, before a selection is made, managers must understand the differences between a standard and a framework.

Depending on the context in which standards are discussed, they can be defined as “an established ...