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.