A suitable risk management framework, containing the risk management architecture, strategy and protocols, is a prerequisite to the successful implementation of the risk management process in any given organization. This framework is necessary in every organization no matter what size it is or what it does. They can be used by both public and private organizations and by groups, associations and enterprises of all kind. These practices are not specific to any sector or industry and can be applied to any type of risk. For your organization or an organization of your choice, write a report for distribution to the board of directors or equivalent authority, in which you do the following: 1. The practice of risk management is evidenced in every organization, although the approach used varies from one organization to another and ultimately influences the overall success of the entire risk management function. To this end, you are required to: (a). Using relevant illustrations, identify and describe the risk management approach currently in use in your organization. [06 marks] (b). Assess the strengths and weaknesses of your organization's current risk management approach and suggest recommendations for its improvement [14 marks] 2. Risk management strategy has proved very significant for the successful implementation of risk management in any organization