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PROVINCE OF THE EASTERN CAPEDEPARTMENT OF RURAL DEVELOPMENT AND AGRARIAN REFORMENTERPRISE RISK MANAGEMENT FRAMEWORK AND POLICYMay 2023 Enterprise Risk Management Framework and Policy iTable of Contents
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The enterprise risk management framework is a structured approach used by organizations to identify, assess, manage, and monitor risks that could potentially affect their operations and objectives.
Organizations, particularly large financial institutions and publicly traded companies, are typically required to file the enterprise risk management framework as part of their regulatory compliance obligations.
To fill out the enterprise risk management framework, organizations should systematically identify risks, assess their potential impact, compile relevant data, and document strategies for mitigation and monitoring within the framework's prescribed format.
The purpose of the enterprise risk management framework is to provide a comprehensive process for understanding and managing risks, ensuring that organizations can achieve their objectives while minimizing potential losses.
The information that must be reported on the enterprise risk management framework includes risk assessments, management strategies, risk tolerance levels, and any significant changes in the risk environment of the organization.
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