A risk management framework in IT serves the vital purpose of identifying, assessing, and mitigating risks associated with information technology assets and processes. It provides structured guidelines for organizations to recognize potential threats, categorize them based on severity, and implement applicable controls or solutions to minimize impact. By establishing a comprehensive risk management approach, organizations can ensure compliance with regulatory requirements, protect sensitive data, and enhance operational resilience. This proactive stance ultimately helps to safeguard the organization's reputation and sustainability.