What is NIST Risk Management Framework?

The National Institute of Standards and Technology, also known as NIST, runs a Risk Management Framework for Information Technology Systems. This framework is based on the principle that organizations must first identify their systems, then classify them by level of concern, and finally assess risks to those systems before taking any protective measures. HRSA defines these levels in terms of impact and probability:

Low impact and low probability – The system is not important to the organization’s mission or business and has a low risk of being compromised.

– The system is not important to the organization’s mission or business and has a low risk of being compromised. Moderate impact and moderate probability – The system is moderately important to the organization’s mission or business and has a moderate risk of being compromised.

– The system is moderately important to the organization’s mission or business and has a moderate risk of being compromised. High impact and high probability – The system is highly important to the organization’s mission or business and has a high risk of being compromised.

After identifying and classifying systems, the organization then assesses the risks to those systems. This assessment includes looking at both the likelihood of a particular risk happening and the potential impact if it does. Once the risks are assessed, the organization determines which risks to mitigate and how best to do so.

NIST’s Risk Management Framework is the result of a joint effort by NIST and the U.S. Department of Commerce to provide a common approach for reducing risk in all federal agencies. An IT Company can help this have a smooth transition to being compliant.

Step by Step Process

The NIST Risk Management Framework is a five-step process for managing information and technology risks to federal agencies. The framework helps organizations identify, assess, and manage risk in a systematic way.

The first step in the process is risk assessment. Agencies use this step to identify the risks that could impact their mission or business functions. They then assess the severity and likelihood of those risks.

The second step is risk management. Agencies use this step to develop a plan to address the risks they identified in the first step. The plan includes strategies for reducing or mitigating the risks.

The third step is risk treatment. Agencies use this step to implement the risk management plan from the second step. This includes implementing risk mitigation strategies and tracking the progress of those strategies.

The fourth step is risk assessment reporting. Agencies use this step to track and report on the progress of the risk management plan. They also use it to update the plan as needed.

The fifth and final step is continuous monitoring. Agencies use this step to track the risks that they identified in the first step. They also use it to update the risk management plan as needed.