Question: What do understand by Security Risk Management Framework?
Outline its importance.
Ans. A risk management framework (RMF) is the structured process used to
identify potential threats to an organisation and to define the strategy for eliminating or minimising the impact of these risks, as well as the mechanisms to effectively monitor and evaluate this strategy.
As mentioned earlier, ISRM is an ongoing process of identifying, assessing, and
responding to security risks. To manage risks effectively, organizations should evaluate the likelihood of events that can pose risk to the IT environment and the potential impact of each risk. Here are three criteria for determining whether your organization’s ISRM strategy is effective at improving your security posture:
It ensures that unacceptable risks are being identified and addressed
properly. It ensures that money and effort isn’t being wasted on risks that are not significant. It provides senior management with visibility into the organizational risk profile and risk treatment priorities to support their ability to make strategic decisions.