Risk management is a continuous, proactive and systematic process to understand, manage and communicate risk from an organization-wide perspective.

It is about making strategic decisions that contribute to the achievement of an organization's overall corporate objectives. he !ramework provides an organization with a mechanism to develop an overall approach to manage strategic risks by creating the means to discuss, compare and evaluate substantially different risks on the same page. It applies to an entire organization and covers all types of risks faced by that organization he purpose of a Risk "anagement !ramework is to# $ provide guidance to advance the use of a more corporate and systematic approach to risk management% $ contribute to building a risk-smart workforce and environment that allows for innovation and responsible risk-taking while ensuring legitimate precautions are taken to protect the public interest, maintain public trust, and ensure due diligence% and $ propose a set of risk management practices that departments can adopt, or adapt, to their specific circumstances and mandate. &pplication of a framework is designed to strengthen management practices, decision-making and priority setting to better respond to customers' needs. "oreover, practising integrated risk management is e'pected to support the desired cultural shift to a risk-smart workforce and environment.