An introduction to the IRGC Risk Governance Framework

The International Risk Governance Council (IRGC) has developed a Risk Governance Framework whose purpose is to help policy makers, regulators and risk managers both understand the concept of risk governance and apply it to their handling of risks.

IRGC’s risk governance framework is a comprehensive approach to help understand, analyse and manage important risk issues for which there are deficits in risk governance structures and processes. The framework comprises five linked phases including pre-assessment, appraisal, characterisation and evaluation, management, and communication. These interlinked phases provide a means to gain a thorough understanding of a risk and to develop options for dealing with it.

IRGC risk governance framework can contribute to the development of more inclusive and effective risk governance strategies.  The report calls for improved governance to clarify, classify and confront emerging systemic risks.