ERM frameworks and standards provide an organization with approaches for identifying, analyzing, responding to and monitoring risks ( opportunities and threats) within the internal and external contexts in which it operates. How an organization applies external frameworks and standards depends on its nature. Some risk management frameworks and standards include ( ISO 31000:2009, BS 31100, COSO II, AS/NZS 4360 and FERMA)
Basel Committee on Banking Supervision is about to release Basel III to provide additional recommendations on banking laws and regulations . It will improve the international standards that banking regulators can use when creating regulations regarding the amount of capital banks need to keep in reserve to guard against the financial and operational risks they face.
Solvency III developed by the European Commission consists of regulatory requirements for insurance firms that operate in the European Union.
