Risk management framework of the Green Climate Fund (GCF) provides guidance on the fund’s “risk appetite” which will be considered for investment decisions made under the Fund. This essentially sets out the overall level of financial risk the Board is willing to assume for the Fund in pursuit of its objectives and that will be reflected in the Fund’s investment framework. The proposed document (GCF/B.07/05) provides a conceptual outline of the framework, how the risks can be categorised and various instruments to measure them. This brief analyses the recent version of the risk management framework against lessons drawn from the IIED Climate Change Group’s in country assessments of other global funds. The information presented within this note is specifically designed to present perspectives held by the Least Developed Countries’ group.