What is the first step in developing a solid risk management framework (RMF)?
A) Identifying clear risk policies
B) Consulting with relevant stakeholders
C) Establishing a mandate for and commitment from the organisation's leadership
D) Conducting a risk analysis
E) Conducting risk monitoring and review

Question

Quizplus · Accepted Answer

The first step in developing a solid risk management framework is to establish a mandate for and commitment from the organisation's leadership. This is important to ensure that risk management is prioritized and integrated into the overall strategy of the organization. Once this is established, the other steps such as identifying clear risk policies, consulting with relevant stakeholders, conducting a risk analysis, and conducting risk monitoring and review can be carried out effectively.

What Is the First Step in Developing a Solid Risk