ABSTRACT
The purpose of risk framing is to produce a risk management strategy that addresses how organizations intend to assess risk, respond to risk, and monitor risk—making explicit and transparent the risk perceptions that organizations routinely use in making both investment and operational decisions. To manage risk, an organization must address how it assesses or evaluates risk within the context of the organizational risk frame. Risk mitigation and response addresses how organizations respond or mitigate risk once that risk is determined based on the results of risk assessments. Risk monitoring has a by-product stage of leveraging one's return on investment for the tools and procedures used in this phase by determining what works best and what results provide the best return. Institutions should monitor alerts issued by such organizations as the Department of Homeland Security and the World Health Organization, which provide information regarding terrorist activity and environmental risks, respectively.
