Risk Management Framework (RMF) is a template and guideline used by companies to identify, eliminate and minimize risks.
Risk management framework was originally developed by the National Institute of Standards and Technology to help protect the information systems of the United States government.
Today, RMF can be easily adopted by organizations operating in the private sector. Businesses cannot exist without exposing themselves to risks such as IT problems, litigation and loss of capital. While it is impossible to eliminate all risks involved in running a business, they can be minimized.
There are many strategies for effective risk management. Experts in risk management say it’s extremely important to identify risks early on. Think about risk management at the start of every project or task. What Early Warning Indicators (EWIs) can we track for different risks? Risk management should be embedded into all of your work processes and corporate culture.
Additionally, organizations need to be clear about remit. Any gaps in responsibilities across your business present an increased opportunity for risk. Ensure that everyone knows exactly what part of the business and what activities and tasks they are responsible for.
Another important component of risk management framework is risk mitigation. Risk mitigation involves examining the risks that have been identified and determining which risks can and should be eliminated, as opposed to the risks that are deemed to be acceptable.
Part of this process involves coming up with mitigation strategies, such as cyber insurance. For example, if an organization identifies cybersecurity risks that need to be dealt with, then it may choose to integrate security controls into its development lifecycle.
This kind of organization would likely also put additional baseline security controls in place.
Want to learn more? Tonex offers RMF Training, Introduction to Risk Management Framework (RMF), a 2-day course where participants learn the concepts and principles of risk management framework (RMF) which is a replacement to the traditional cybersecurity risk management framework methodology, DIACAP.
RMF training course covers variety of topics in RMF area such as: basics of RMF, RMF laws, RMF regulations, introduction to FISMA, updated FISMA regulations, RMF roles and responsibilities, FIPS and NIST publications.
For more information, questions, comments, contact us.