Final answer:
OWASP is an open framework that helps organizations develop a software security strategy tailored to their risks.
Step-by-step explanation:
The open framework that helps organizations formulate and implement a strategy for software security tailored to their specific risks is the OWASP (Open Web Application Security Project). OWASP is a community-driven organization that provides resources, tools, and best practices for ensuring software security. It offers guidelines, documentation, and security testing methodologies to help organizations identify and mitigate vulnerabilities in their software applications.