SEBI's Risk Management Framework for Mutual Funds and ISO 31000:2018: An Analysis using KRIS Framework

Abstract: This study employs the Krishnan's Risk Integration System (KRIS) Framework to evaluate the alignment between SEBI's Enhanced Risk Management Framework for Mutual Funds (SEBI, 2021) and ISO Risk Management Guidelines (ISO, 2018). Analysis of SEBI's RMF reveals 74.61% strong alignment, 9.84% moderate alignment, and 15.54% unique elements. This paper focuses on moderate and unique alignments, which reflect SEBI's industry-specific adaptations rather than divergence from risk management principles. Keywords: Risk Management Framework, Mutual Funds, SEBI, ISO 31000:2018, KRIS Framework JEL Classification Number: G320, G380