What is the main goal of a risk management framework?

The main goal of a risk management framework is to provide a structured approach to manage risks effectively. This involves identifying, assessing, and prioritizing risks, followed by coordinated efforts to minimize, monitor, and control the probability or impact of unfortunate events. A well-defined risk management framework helps organizations to create strategies for risk mitigation, ensuring that risks are understood and managed in a consistent and systematic way.

While identifying organizational strengths and weaknesses can be part of a broader risk assessment, it is not the primary goal of a risk management framework. Regulatory compliance is certainly important in risk management but is usually a subset of the overarching goal of managing risks rather than the main objective. Enhancing marketing strategies does not align with the fundamental purpose of risk management; instead, it focuses on optimizing business operations or customer outreach, which is separate from the risk management objectives. Thus, the structured approach encapsulated in the correct answer enables organizations to navigate uncertainties efficiently and safeguard their assets and interests.