Which of the following is not a component of the CRMF?

The CRMF, or Cannabis Risk Management Framework, encompasses various essential components designed to help cannabis businesses manage risks effectively. The framework typically includes elements such as a risk program, risk policy, and an internal control environment. Each of these elements plays a crucial role in establishing a structured approach to risk management within the cannabis industry.

The risk program outlines the strategies and procedures implemented to identify, assess, and mitigate risks. The risk policy defines the principles and rules guiding risk management efforts, ensuring consistency and accountability. The internal control environment pertains to the organizational structures and processes that establish control measures for risk management.

Insurance, while an important aspect of overall business risk management, is not inherently a component of the CRMF itself. Rather, it is a tool that businesses can utilize to cover specific financial risks that may arise, but it does not constitute a foundational element within the framework designed to address broader risk management practices. This distinction underscores the primary focus of the CRMF on defining policy and procedural components rather than specific risk transfer mechanisms like insurance.