Risk Framework Design
Developing comprehensive risk management frameworks aligned with ISO 31000, COSO ERM, or industry-specific standards—tailored to your organisation's size, complexity, and risk appetite.
Audit & Assurance
Risk Management Services
Practice01/06
Risk Framework Design.
Note01Refer — Scope
ISO 31000 and COSO ERM-aligned risk frameworks tailored to appetite and complexity.
Index06 Practices
Risk Advisory Scope
Our risk management services address the design and documentation of risk frameworks—distinct from internal audit, which evaluates these frameworks independently.
Risk Register Development
Building structured risk registers that capture, categorise, and prioritise risks across the organisation—with clear ownership, ratings, and treatment plans.
Control Design
Designing preventive and detective controls that address identified risks—ensuring controls are proportionate, practical, and integrated into business processes.
Policy & Procedure Drafting
Documenting risk management policies, procedures, and guidelines that provide clear direction for risk identification, assessment, treatment, and reporting.
Compliance Risk Mapping
Mapping regulatory and compliance obligations to business processes and controls—ensuring coverage and identifying gaps in your compliance framework.
Monitoring Mechanism Design
Establishing key risk indicators (KRIs), dashboards, and reporting structures that enable ongoing risk monitoring and timely escalation.
Risk Management vs. Internal Audit
Under the IIA Three Lines Model, risk management and internal audit serve distinct functions—one designs frameworks, the other evaluates them.
- Second Line (Risk Management): Designs risk frameworks, policies, and monitoring mechanisms
- Third Line (Internal Audit): Evaluates framework adequacy and operating effectiveness independently
- Risk management reports to management; internal audit reports to the audit committee
- Risk management owns the risk register; internal audit evaluates the register's completeness
- This service addresses framework design—not independent evaluation of existing frameworks
- For independent evaluation of risk management frameworks, see our Internal Audit services
Our Advisory Approach
Step 1
Current State Documentation
We document your existing risk management practices, governance structures, and any frameworks currently in place—establishing a baseline for development.
Step 1
Current State Documentation
We document your existing risk management practices, governance structures, and any frameworks currently in place—establishing a baseline for development.
Step 2
Risk Identification Workshops
Facilitated sessions with management and key stakeholders to systematically identify risks across strategic, operational, financial, and compliance dimensions.
Step 2
Risk Identification Workshops
Facilitated sessions with management and key stakeholders to systematically identify risks across strategic, operational, financial, and compliance dimensions.
Step 3
Framework & Register Development
Building the risk management framework and populating the risk register with identified risks, assessments, ownership assignments, and treatment plans.
Step 3
Framework & Register Development
Building the risk management framework and populating the risk register with identified risks, assessments, ownership assignments, and treatment plans.
Step 4
Control & Policy Design
Designing controls to address prioritised risks and drafting policies and procedures that embed risk management into business operations.
Step 4
Control & Policy Design
Designing controls to address prioritised risks and drafting policies and procedures that embed risk management into business operations.
Step 5
Monitoring Design & Handover
Establishing KRIs, reporting templates, and escalation protocols—then transitioning ownership to your team with training and documentation.
Step 5
Monitoring Design & Handover
Establishing KRIs, reporting templates, and escalation protocols—then transitioning ownership to your team with training and documentation.