Risk Management Framework 79 is required. Also, as part of the analysis of each significant risk, risk management responsibilities need to be clearly allocated to the following aspects of managing that risk: development of risk strategy and standards; implementation of the agreed standards and procedures; auditing compliance with the agreed standards. The risk architecture can be represented diagrammatically as a means of identifying the committees with risk management responsibilities and the relationships between those committees. The importance of the risk architecture of an organization will be discussed later in this part and examples of typical risk architectures will be provided. The risk management architecture will include details of the terms of reference of the various committees. This will include details of the membership and responsibilities of the various committees. The risk architecture should also provide information on how risk information is communicated between the various committees. The risk architecture shows the relationship between various committees that have been established within the organization. The membership and responsibilities of the committee will need to be established in suitable terms of reference. The risk architecture will also include details of reports that are received by individual com- mittees and the reports that are required from those committees. An important