1. Short title This Act may be cited as the National Risk Management Act of 2023 . 2. National risk management cycle (a) In general Subtitle A of title XXII of the Homeland Security Act of 2002 ( 6 U.S.C. 651 et seq. ) is amended by adding at the end the following: 2220F. National risk management cycle (a) National critical functions defined In this section, the term national critical functions means the functions of government and the private sector so vital to the United States that their disruption, corruption, or dysfunction would have a debilitating effect on security, national economic security, national public health or safety, or any combination thereof. (b) National risk management cycle (1) Risk identification and assessment (A) In general The Secretary, acting through the Director, shall establish a recurring process by which to identify and assess risks to critical infrastructure, considering both cyber and physical threats and the associated likelihoods, vulnerabilities, and consequences. (B) Consultation In establishing the process required under subparagraph (A), the Secretary shall consult— (i) Sector Risk Management Agencies; (ii) critical infrastructure owners and operators; (iii) the Assistant to the President for National Security Affairs; (iv) the Assistant to the President for Homeland Security; and (v) the National Cyber Director. (C) Process elements The process established under subparagraph (A) shall include elements to— (i) collect relevant information, collected pursuant to section 2218, from Sector Risk Management Agencies relating to the threats, vulnerabilities, and consequences related to the particular sectors of those Sector Risk Management Agencies; (ii) allow critical infrastructure owners and operators to submit relevant information to the Secretary for consideration