Risk management framework

Set of components that provide the foundations and organisational arrangements for designing, implementing, monitoring, reviewing and continually improving risk management processes throughout the organisation.

Note 1: The foundations include the objectives, mandate and commitment to manage risk.
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 : BS31100:2008 [ISO Guide 73]