What is a risk management standard?

A risk management standard serves as a framework for developing risk programs by providing structured guidelines and principles that organizations can follow to identify, assess, manage, and mitigate risks. These standards help ensure that risk management practices are comprehensive, consistent, and aligned with an organization’s goals and regulatory requirements.

By establishing a systematic approach, risk management standards facilitate the development of strategies to protect assets, minimize losses, and ensure compliance, ultimately enhancing organizational resilience. This framework is critical for organizations to understand the nature of risks they face and to implement appropriate measures to address them effectively.

The other options do not accurately describe a risk management standard. An incident response technique refers to specific tactical procedures for handling security incidents. A document outlining security protocols mainly focuses on operational measures rather than the broad framework needed for risk management. A standard for employee performance reviews relates to evaluating individual employee contributions, which is outside the scope of risk management processes.