Developing a Risk Management Framework

Create a comprehensive risk management framework for your organization's strategic planning. Begin by defining the scope and objectives, then identify potential risks related to [specific project or business aspect]. Assess these risks using a matrix format considering likelihood and impact. Develop strategies to mitigate each identified risk and outline a monitoring and review process. Provide a detailed action plan with clear responsibilities, timelines, and contingency measures. Ensure alignment with long-term organizational goals and include criteria for evaluating the effectiveness of the framework. Tailor the framework to suit a [specific industry or sector] context, addressing unique challenges and opportunities.