The risk management framework is a six-step process created to engineer the best possible data security processes for institutions. The framework also helps in formulating the best practices and procedures for the company for risk management.
Step 1: Categorization of Information System
Before creating a framework, the IT system gets assigned a security role. This is created based on the project’s mission as well as the business objectives it aims to achieve. This role has to be consistent with the organization’s existing risk management strategy.
This step creates a foundation for the framework and its documentation of all processes as well as its security plan. The risk management system has to first categorize the information system as well as document the results from its categorization.
After this is done, one needs to put all the specific details in the system such as the system boundary. Organizations also create an identification of the system’s security professionals. Administrative details as well as other technical details are then added.
Step 2: Selection of Security Controls
Any security controls that are undertaken for a project or the overall health of the organization need to be approved. These controls are selected by employees in the upper management and development departments. The common controls also have additional hybrid controls and system-specific controls in place to improve performance.
These security controls are all the hardware, software, and technical processes that are considered necessary to fulfill the basic compliance requirements in the project. These assurance requirements are also a part of the risk assessment strategy. The controls need to be monitored regularly and the means to do so should be undertaken in this step.
Step 3: Implementation of Security Controls
This step involves implementing the security controls that have been selected in the previous step. Once these controls have been put to use, they need to be monitored to understand whether or not they have achieved the minimum assurance and compliance requirements that were set.
This step selects all the right ways in which the information system is being used along with all the methodologies of security engineering. Implementing the right security controls for the organization is necessary to mitigate risk appropriately.
Step 4: Assessment of Security Controls
Once all the security controls are in place and the assurance and compliance requirements have been met, an independent assessor is invited to the organization to review and approve these controls.
The reviewer will try to find any discrepancies in the security controls. In case any weaknesses or deficiencies are found, the organization will remedy the errors and then continue to document the security plan accordingly.
Step 5: Authorization of Information System
After all the assessment processes have been completed, the organization needs to present a package for authorization that will take care of all the risk assessment and risk determination for the business. The person in charge of this process will submit the authorization decision to all required stakeholders.
Step 6: Monitoring All Security Controls
The final step in the process of creating a risk management framework is continuous. The organization needs to monitor all the security controls regularly and efficiently. They also need to keep all the updates in mind based on any changes to the system or the environment.
IMPORTANT:
The security status of the risk management framework needs to be updated regularly as well. The reports are made and sent out periodically to find out if any weaknesses need to be taken care of.
This Article Was Written & published by Meena R, Senior Manager - IT, at Luminis Consulting Services Pvt. Ltd, India.
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