A risk management framework (RMF) is the structured process used to identify potential threats to an organization and to define the strategy for eliminating or minimizing the impact of these risks, as well as the mechanisms to effectively monitor and evaluate this strategy.
Implement Risk Framework OCTAVE TARA, FAIR, NIST
The e-InnoSec team has implemented Risk Management Frameworks at the number of midsize organizations which includes implementing hybrid models like OCATAVE and NIST or ISO and NIST. There are at least five crucial components that must be considered when creating a risk management framework. They include:
- Risk identification
- Risk measurement and assessment
- Risk mitigation
- Risk reporting and monitoring
- Risk governance
The e-InnoSec approach is flexible and simplified; it considers management priorities and budgets. The scalable approach adopts different risk assessment methodologies includes ISO 31000, ISO 27005, NIST, etc. and frameworks include RISK IT, OCTAVE, FAIR, RMF, and TARA.
The approach supports both qualitative and quantitative aspects along with technical and non-technical frameworks (frameworks are detailed in the Information Technology Framework implementation page).
- Maturity Assessment - Analysis of the framework maturity, effectiveness, and completeness checks
- Advisory - Design and implement program updates or expanding the program or build it from the ground up