Risk Management Framework (RMF)
SearchCIO, Wednesday, February 14th, 2024
The Risk Management Framework is a template and guideline used by companies to identify, eliminate and minimize risks. It was originally developed by the National Institute of Standards and Technology to help protect the information systems of the United States government.
The RMF was initially designed for use by federal agencies but 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.
What are the components of the RMF?
There are five components that make up the RMF: identification; measurement and assessment; mitigation; reporting and monitoring; and governance.