What are some common risk management frameworks other than COSO?

The selection of COBIT, ISO 31000, and NIST frameworks as common risk management frameworks is particularly astute because each of these frameworks offers established methodologies that organizations utilize to identify, assess, and manage risks effectively.

COBIT (Control Objectives for Information and Related Technologies) is a framework specifically designed for governance and management of enterprise IT. It helps organizations ensure that IT is aligned with business goals while managing risks associated with information technology.

ISO 31000 provides guidelines on risk management applicable to any organization regardless of size, industry, or sector. It focuses on creating a risk management policy that integrates seamlessly into the overall organizational structure, offering a holistic approach to managing risks across all areas.

The NIST frameworks, including the NIST Cybersecurity Framework, are vital for organizations particularly in the public sector and industries where information security is paramount. They provide comprehensive guidelines and best practices to manage and reduce cybersecurity risks.

Each of these frameworks highlights a structured and systematic approach to risk management that can be tailored to fit the specific needs of different organizations, enhancing their ability to effectively manage risks within a structured governance framework.