CTRL 7.1.4 What is the risk management framework?

An authorised firm’s risk management framework is the totality of systems, structures, policies, processes and people within the firm that identifies, measures, evaluates, monitors, reports on and controls or mitigates all internal and external sources of material risk. Material risks are risks that could have a material effect, financial or non-financial, on the firm, on its stakeholders or on the interests of its customers.

 

Derived from QFCRA RM/2020-4 (as from 1st July 2021)