The risk management framework provides a process that integrates cyber supply chain risk management activities, security and privacy into the system development lifecycle. The risk management framework is a template and guide used by companies to identify, eliminate and minimize risks. It was originally developed by the National Institute of Standards and Technology to help protect the information systems of the United States government. The risk management framework helps you set up a structured process for information security and risk management activities.
Activities at all levels of an organization to identify stakeholders and assets in order to manage security risks in order to identify and understand the information that is managed at all stages of the life cycle. The RMF preparation phase focuses on preparing the organization to adopt a formalized risk management strategy. The Risk Management Framework (RMF) is a United States federal government guideline, standard and process for managing risks to help protect information systems (computers and networks) developed by the National Institute of Standards and Technology. Risks can be classified at a high level as infrastructure risks, project risks, application risks, information asset risks, business continuity risks, outsourcing risks, external risks and strategic risks.
Risk mitigation involves examining the risks that have been identified and determining what risks can and should be eliminated, as opposed to the risks that are considered acceptable. The purpose of the measurement and evaluation component is to create a risk profile for each risk that has been identified. The first component of implementing the Risk Management Framework is to identify the risks faced by the organization. A member of senior management must determine if the level of risk is acceptable based on the authorization package developed.
The risks faced by an organization tend to change over time, so risk assessments should be conducted on a regular basis. Essentially, this means re-examining risks regularly to ensure that the risk mitigation strategies that the organization has adopted are having the desired effect. NIST's special publication 800-37, Guide to Applying the Risk Management Framework to Federal Information Systems, outlines the seven-step approach needed to implement it. This means ensuring that any mechanism that has been implemented reduces risks in a quantifiable way without accidentally introducing new risks into the process.
It includes activities to prepare organizations to implement the framework at appropriate levels of risk management. The Risk Management Framework (RMF) provides a disciplined and structured process that integrates information security and risk management activities into the system development lifecycle.