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Risk Management Framework and why it is effective.
The United States’ federal government uses the risk management framework to ensure the government’s information system’s security. Risk Management Framework consists of five components: risk identification, which mainly involves accessing the likely hood and categorizing it. Risk measurement outlays the impact of risk exposure. Risk mitigation minimizes or eliminates risks in an organization. Risk mitigation focuses on the impact of the risk. The last component is risk governance, which involves developing a risk governance authority.
The Risk Management Framework process involves categorizing information systems by assigning a security role according to the loss’s impact. The impact of loss is one of the four risk factors considered during assessment activities (SP 800-30). The next step is selecting security controls to reduce the risk to an acceptable level. Implementing security controls is the third process, which describes how controls will be employed within the system. Accessing security controls by a third party is the fourth step. An organization should develop, review, and approve a plan to access security control (SP 800-53A). The last two steps are authorization of the information system and monitoring the security controls by accessing the controls’ effectiveness.
The risk management framework is effective as it maintains an organization’s reputation. It reduces reputational risks and protects organization assets by prioritizing them. An organization is also able to have a competitive advantage through risk mitigation measures.
References
Force, Joint Task. Security and Privacy Controls for Information Systems and Organizations. No. NIST Special Publication (SP) 800-53 Rev. 5 (Draft). National Institute of Standards and Technology, 2017.
Ross, Ronald S. Guide for Conducting Risk Assessments. No. Special Publication (NIST SP)-800-30 Rev 1. 2012.