IIRM risk management framework aims to assist organisations to manage their risks effectively to improve their risk management maturity. IIRM risk management framework assists organisations to ensure that risk information derived from processes is adequately reported and used for day to day decision-making at all levels.
A risk management framework is defined by the ISO Guide 73 as:
"Set of components that provide the foundations and organisational arrangements for designing, implementing, monitoring, reviewing and continually improving risk management throughout the organization".
The Guide notes that
The purpose of establishing IIRM risk management framework is to ensure that risks are effectively identified and responded to in a manner that is appropriate to:
IIRM risk management framework helps organisation to improve their risk management maturity.