The institution must maintain a risk management strategy addressing each of the material risk categories the framework is required to cover, approved by the Board.
What else in your programme already covers this
This control maps to 8 controls across 4 other frameworks. If you already hold one of them, the evidence you collected for it is the starting point here rather than new work.
NIST-CSF-GV.PO-01 Policy for managing cybersecurity risks is established based on organizational context, cybersecurity strategy, and priorities and is communicated and enforced
NIST-CSF-GV.RM-01 Risk management objectives are established and agreed to by organizational stakeholders
NIST-CSF-GV.RM-04 Strategic direction that describes appropriate risk response options is established and communicated
NIST800-PM-1 Information Security Program Plan. Develop and disseminate an organization-wide information security program plan that: Provides an overview of the requirements for the security program and a description of the security program management controls and
NIST800-PM-9 Risk Management Strategy. Develops a comprehensive strategy to manage: Security risk to organizational operations and assets, individuals, other organizations, and the Nation associated with the operation and use of organizational systems; and Privacy risk
NIST800-RA-1 Policy and procedures for risk assessment