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ISO 31000 is a set of international standards for risk management.It was developed in November 2009 by International Organization for Standardization. [1] The goal of it is intended to provide a consistent vocabulary and methodology for assessing and managing risk, resolving the historic ambiguities and differences in the ways risk are described.
Example of risk assessment: A NASA model showing areas at high risk from impact for the International Space Station. Risk management is the identification, evaluation, and prioritization of risks, [1] followed by the minimization, monitoring, and control of the impact or probability of those risks occurring. [2]
The Certified Information Systems Auditor Review Manual 2006 by ISACA provides this definition of risk management: "Risk management is the process of identifying vulnerabilities and threats to the information resources used by an organization in achieving business objectives, and deciding what countermeasures, if any, to take in reducing risk to an acceptable level, based on the value of the ...
An enterprise risk management system looks at every risk that a business could face and ensure that its approach helps reach those big-picture goals. Enterprise Risk Management Best Practices
The Risk Management Framework (RMF) is a United States federal government guideline, standard, and process for managing risk to help secure information systems (computers and networks). The RMF was developed by the National Institute of Standards and Technology (NIST), and provides a structured process that integrates information security ...
FAIR is also a risk management framework developed by Jack A. Jones, and it can help organizations understand, analyze, and measure information risk according to Whitman & Mattord (2013). A number of methodologies deal with risk management in an IT environment or IT risk , related to information security management systems and standards like ...
A risk management plan is a document to foresee risks, estimate impacts, and define responses to risks. It also contains a risk assessment matrix.According to the Project Management Institute, a risk management plan is a "component of the project, program, or portfolio management plan that describes how risk management activities will be structured and performed".
An area is broken down further into sections, each of which contains detailed specifications of information security best practice. Each statement has a unique reference. For example, SM41.2 indicates that a specification is in the Security Management aspect, area 4, section 1, and is listed as specification No. 2 within that section.