Risk Assessment Framework
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A Risk Assessment Framework is a management framework that identifies, analyzes, evaluates, and prioritizes organizational risks through systematic risk assessment methodologies.
- AKA: Risk Management Framework, Risk Analysis Framework, Risk Evaluation Framework, Enterprise Risk Framework.
- Context:
- It can typically identify Risk Sources discovering potential threats through risk identification.
- It can typically analyze Risk Likelihood estimating occurrence probability through probability assessment.
- It can typically evaluate Risk Impact measuring potential consequences through impact analysis.
- It can typically calculate Risk Scores quantifying risk levels through risk calculation.
- It can typically prioritize Risk Treatment determining mitigation strategies through risk prioritization.
- It can typically develop Risk Controls implementing risk mitigation through control implementation.
- It can typically monitor Risk Indicators tracking risk changes through continuous monitoring.
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- It can often facilitate Risk Communication informing stakeholders through risk reporting.
- It can often enable Risk Aggregation combining individual risks through portfolio analysis.
- It can often support Risk Appetite defining acceptable risk levels through tolerance setting.
- It can often provide Risk Scenarios modeling potential outcomes through scenario analysis.
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- It can range from being a Qualitative Risk Assessment Framework to being a Quantitative Risk Assessment Framework, depending on its assessment method.
- It can range from being a Static Risk Assessment Framework to being a Dynamic Risk Assessment Framework, depending on its adaptation capability.
- It can range from being a Project Risk Assessment Framework to being an Enterprise Risk Assessment Framework, depending on its organizational scope.
- It can range from being a Single-Domain Risk Assessment Framework to being a Multi-Domain Risk Assessment Framework, depending on its risk coverage.
- It can range from being a Basic Risk Assessment Framework to being a Advanced Risk Assessment Framework, depending on its sophistication level.
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- It can integrate with Compliance Frameworks for compliance risk management.
- It can connect to Security Frameworks for security risk assessment.
- It can interface with AI Governance Frameworks for AI risk management.
- It can leverage Audit Systems for risk verification.
- It can utilize Business Continuity Frameworks for operational risk management.
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- Example(s):
- Standard Risk Assessment Frameworks, such as:
- ISO 31000 Risk Framework providing risk management principles for international standard.
- COSO ERM Framework establishing enterprise risk management for corporate governance.
- NIST Risk Management Framework managing information security risks for federal systems.
- Domain-Specific Risk Assessment Frameworks, such as:
- Legal AI Risk Framework assessing legal AI risks for AI governance.
- Financial Risk Framework evaluating market risks for financial institutions.
- Operational Risk Framework analyzing business process risks for operational continuity.
- Technology Risk Assessment Frameworks, such as:
- Cybersecurity Risk Framework evaluating cyber threats for digital assets.
- Cloud Risk Framework assessing cloud service risks for cloud adoption.
- AI Risk Framework analyzing AI system risks for responsible AI.
- Compliance Risk Assessment Frameworks, such as:
- Regulatory Risk Framework identifying compliance risks for regulatory requirements.
- Privacy Risk Framework assessing data protection risks for privacy compliance.
- Third-Party Risk Framework evaluating vendor risks for supply chain management.
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- Standard Risk Assessment Frameworks, such as:
- Counter-Example(s):
- Performance Framework, which measures efficiency without risk assessment.
- Quality Framework, which ensures standards without risk analysis.
- Development Framework, which guides creation without risk evaluation.
- Monitoring System, which tracks activity without risk prioritization.
- See: Management Framework, Compliance Framework, Security Framework, AI Governance Framework, Audit System, Legal AI Risk Framework, Business Continuity Framework, Risk Management, Risk Analysis.