SEBI has revised risk management framework for mutual funds with certain mandatory and recommendatory elements. AMCs shall perform a self-assessment of their RMF and practice by submitting a report, thereon, to their Board along with the roadmap for implementation of the framework. The aforesaid exercise must be completed and the necessary systems must be in place at the AMCs to enable compliance with the provisions of this circular with effect from January 01, 2022. Compliance with the RMF should be reviewed annually by the AMC. Reports of such reviews shall be placed before the Board of AMC and Trustees. Further, there should be dedicated risk officers for various key risks such as Investment Risk (by Chief Investment Officer), Compliance Risk (by Chief Compliance Officer), Operational Risk(by Chief Operating Officeror similar functionary responsible for the respective functions overseen), Cyber Security (by Chief Information Security Officer), etc.