An ERM framework provides systematic processes and governance structures for managing risk across all business units, functions, and risk categories within an organization. Leading frameworks include COSO ERM and ISO 31000, which emphasize risk culture, strategy integration, and performance management. The framework typically establishes risk governance committees, defines risk appetite statements, implements reporting mechanisms, and aligns risk management with strategic planning. For example, a multinational pharmaceutical company might use an ERM framework to integrate clinical trial risks, regulatory compliance, supply chain disruptions, and reputational concerns into a unified risk profile that informs board-level decisions.