Risk Management Policy
A risk management policy template based on ISO 31000, NIST RMF, and COSO ERM frameworks for identifying, assessing, and treating organisational risks.
What's Included
1. Purpose & Scope
Defines the policy objective and the scope of risk management activities across the organisation.
2. Risk Governance
Establishes the governance structure and accountability for risk management.
3. Risk Appetite & Tolerance
Defines the organisation's risk appetite statement and tolerance thresholds.
4. Risk Assessment Methodology
Outlines the process for identifying, analysing, and evaluating risks.
5. Risk Treatment
Defines the options and process for treating identified risks.
6. Risk Monitoring & Reporting
Establishes ongoing monitoring and reporting requirements for the risk management programme.
7. Risk Register Management
Defines requirements for maintaining and updating the risk register.
8. Review & Continuous Improvement
Sets out the review cycle and continuous improvement mechanisms for risk management.
Frequently Asked Questions
What should a risk management policy include?
A comprehensive risk management policy should include purpose & scope, risk governance, risk appetite & tolerance, risk assessment methodology, and more. This template covers 8 key sections aligned to ISO 31000, NIST RMF, COSO ERM requirements.
Which frameworks require a risk management policy?
Major frameworks requiring risk management policies include ISO 31000, NIST RMF, COSO ERM. This template maps directly to their control requirements, making it easier to demonstrate compliance across multiple standards.
How often should a risk management policy be reviewed?
Best practice is to review your risk management policy at least annually, or whenever significant changes occur in your organisation, technology environment, or regulatory landscape. Most frameworks including ISO 27001 and NIST CSF require documented policy review cycles.
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