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Risk Management Framework
What’s a Risk Management Framework (RMF)?
A risk management framework (RMF) is a set of guidelines and processes that help organizations identify and reduce risks. It can be used to manage risks in IT systems, cybersecurity, and other areas.
Definitions
A structured approach used to oversee and manage risk for an enterprise.
SOURCE: CNSSI-4009
Three Industry-Standard Methodologies
There are three industry-standard methodologies;
- CIS Critical Security Controls (CIS Controls)- Formerly called SANS Critical Security Controls (SANS Top 20), CIS Controls is a list of 18 controls developed by security experts based on
practices that are known to be effective in reducing cyber risk. The framework is periodically updated to reflect evolving technology, threats, and workplaces. - NIST Cybersecurity Framework– The NIST Cybersecurity Framework is a voluntary risk management framework that consists of standards, guidelines, and best practices to manage cybersecurity risk. Its latest version includes a new section on self-assessment, expanded use cases for cyber supply chain risk management, and refinements to better account for authentication,
authorization, and identity proofing. The latest version added a Govern function, which places greater emphasis on governance, supply chain risk management, and continuous improvement. - Standardized Information Gathering Questionnaire (SIG)- Developed by Shared Assessments, the SIG Questionnaire spans 19 risk domains assessing cyber risk. It allows organizations to build, customize, analyze, and store vendor assessments for managing third-party risk.
How it works
- Identify risks: Define the types of risks that could affect the organization
- Analyze risks: Assess the potential impact of the identified risks
- Prioritize risks: Determine which risks are most important to address
- Develop strategies: Create plans to reduce the likelihood and impact of the risks
- Implement controls: Put in place security controls to mitigate the risks
- Monitor and report: Continuously monitor the risks and report on their status
Benefits of RMF
The RMF helps organizations manage risks in a systematic way, and it can be applied to any type of organization.
Who developed it?
The National Institute of Standards and Technology (NIST) originally developed the RMF to help protect the US government’s information systems.
Other risk management frameworks:
COSO ERM Framework, ISO 31000Risk Management Standard, NIST Cybersecurity Framework (CSF), ITIL Service Lifecycle, and OCTAVE Allegro.
RMF: Why It Matters For Your Business
An effective risk management framework is crucial for any organization. It protects the organization’s capital base and revenue generation capability without hindering growth. A risk management framework (RMF) allows businesses to strike a balance between taking risks and reducing them.
