This document provides an overarching view of the progress made in operationalizing all aspects of risk management in the GCF, presents the proposed risk register and discusses the progress made towards implementing the risk appetite methodology. It is divided into three parts:

• Description of the risk monitoring and reporting management system, including the risk register that is being presented for Board approval as part of the draft decision attached to this document;
• Progress report on the application of the methodology to set the risk appetite of the GCF to be presented for the consideration of the Board at its twelfth meeting; and
• Description of additional tools that have been developed to operationalize the risk management of the GCF.