What are the key components of risk management frameworks?
An example of an AI chatbot conversation about risk management frameworks.
What are the key components of risk management frameworks?
Key components include risk identification, assessment, response, monitoring, and communication.
Can you explain how risk assessment is conducted?
Risk assessment involves identifying risks, analyzing their potential impact, and prioritizing them based on severity.
What are some common risk management frameworks used in organizations?
Common frameworks include ISO 31000, COSO ERM, and NIST Risk Management Framework.
How do organizations choose the right framework for their needs?
Organizations typically consider their industry, regulatory requirements, and specific risk profiles when choosing a framework.
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