Risk management is a complex topic and, fortunately, organizations don’t need to design their own risk management processes from the ground up. Risk management frameworks provide proven, time-tested techniques for performing enterprise risk management. In this video, you’ll learn about the value of using a risk management framework and explore the commonly-used NIST 800-37 risk management framework.
- [Narrator] Risk management is a complex topic and fortunately, organizations don't need to design their own risk management processes from the ground up. Risk Management Frameworks provide proven, time-tested techniques for performing enterprise risk management. One of the most widely used Risk Management Frameworks was developed by the National Institute of Standards and Technology, a US Federal Government agency. The NIST process is mandatory for many government computer systems but private organizations have also widely adopted it because they find it a helpful approach.
The framework is found in NIST Special Publication 800-37. This document runs over 60 pages and includes great detail on the framework that is good reading for anyone involved in risk management. The publication is available for free on NIST's website. For our purposes, an overview of the six steps in the process will be more than enough to prepare for the CISSP exam. This diagram shows the six steps involved in risk management, according to NIST.
Before beginning the process, the organization should gather information from two categories. The first set of information involves the technology architecture and includes reference models, technical details, business process information, and information system boundaries. The second input to the process is organization-specific information including the laws, regulations, and policies that apply, the strategy of the organization, its priorities, resource availability, and supply chain information.
After gathering this information, the organization enters Step One of the Risk Management Framework where it categorizes the information system being assessed as well as the information that will be stored, processed, and transmitted by the system. This is normally done by performing an impact assessment. In Step Two, the organization selects the security controls that should be use to manage risk to the information system. This selection is based upon the system's categorization from Step One.
The organization will likely begin by selecting a standard baseline of controls and then adding or subtracting specific controls to tailor that baseline to the system's specific needs. After selecting controls, the organization moves to Step Three where it implements the selected controls. Then, in Step Four, the organization performs an control assessment to determine whether the controls were correctly implemented, if they are operating correctly, and whether they meet the security requirements.
After this assessment is complete, the organization then enters Step Five where is authorizes operation of the information system. In the Federal Government, authorization is a very formal process where a senior government official must accept any remaining risks. Once a system is authorized and running, we move to Step Six of the Risk Assessment Framework where the organization monitors the security controls on an ongoing basis to ensure their continued effectiveness and respond to any environmental changes.
If this monitoring detects significant issues, the cycle may begin anew.
Members who complete this course will be prepared to answer questions on the Security and Risk Management domain of the CISSP exam, and establish a critical foundation for the rest of their careers.
Find the companion study books at the Sybex test prep site and review the complete CISSP Body of Knowledge at https://www.isc2.org/cissp-domains/default.aspx.
- Aligning security with the business
- Using control frameworks
- Understanding compliance ethics
- Implementing effective security policies
- Ensuring the security of employees
- Managing risk
- Identifying threats
- Managing vendors
- Building security awareness and conducting security training