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Running Head: RISK MANAGEMENT FRAMEWORK1Risk Management FrameworkStudent’s NameInstitution AffiliationChief Financial Officer (CFO) is the person to lead the process of developing riskmanagement framework in Blue Wood Chocolate Company while Operation managershould be the one leading the process of risk management framework in Kilgore CustomMilling Company. They should appoint Chief Risk Officer (CRO) who he or she wouldreport to the chief executive officer of both Blue Wood Chocolate and Kilgore CustomMilling.Small companies address the issue of risk by offloading it on insurance companiesby safeguarding business with policies. However, if there is a kind of insurance smallbusiness requires, then it is general liability insurance. This type of insurance policy helpssmall business in safeguarding from lawsuits over worker's honesty, product failure aswell as other matters that can arise