Which initiative focuses on collaboration among private sector organizations to create risk management frameworks?

The initiative that centers on collaboration among private sector organizations to create risk management frameworks is COSO, which stands for the Committee of Sponsoring Organizations of the Treadway Commission. COSO provides a comprehensive framework for enterprise risk management (ERM) that emphasizes the integration of risk management with an organization's strategy and performance. This collaborative approach helps organizations to effectively identify, assess, monitor, and respond to risks, improving their overall risk management processes.

COSO's framework is widely adopted in various industries, promoting best practices in risk management through guidance and tools that allow organizations to implement effective risk management strategies tailored to their unique contexts. The focus on collaboration among private sector entities underscores the need for shared learning and collective knowledge advancement in managing risks.

Other initiatives mentioned, such as NIST RMF, ISO 31000, and COBIT, do provide valuable frameworks and guidelines for risk management and governance, but they do not emphasize collaboration among private sector organizations to the same extent as COSO does. NIST RMF is more focused on US federal information systems, ISO 31000 provides general principles and guidelines applicable to any organization but without the same level of collaboration emphasis, and COBIT focuses more on governance and management of enterprise IT rather than on risk management frameworks specifically