ISO 31000 remains top framework for risk managers
Majority of banks blend international frameworks with domestic solutions
Central banks’ risk management policies are influenced by a mix of approaches, but the Risk Management Benchmarks 2023 found that ISO 31000 and COSO-ERM are still the frontline frameworks for risk managers.
Over nine-tenths (91%) of 32 participating institutions said ISO 31000 was a key tool. A further three-quarters (75%) said COSO-ERM (Committee of Sponsoring Organisations of the Treadway Commission Enterprise Risk Management) has been influential on their institutions.
Nearly 44% of banks
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