Risk Management

The process of managing risks to organizational operations (including mission, functions, image, or reputation), organizational assets, or individuals resulting from the operation of an information system, and includes:  

(i) the conduct of a risk assessment;  

(ii) the implementation of a risk mitigation strategy; and  

(iii) employment of techniques and procedures for the continuous monitoring of the security state of the information system. 

See FIPS 200 under Risk Management for detailed information.  
 
The program and supporting processes to manage information security risk to organizational operations (including mission, functions, image, reputation), organizational assets, individuals, other organizations, and the Nation, and includes:  

(i) establishing the context for risk-related activities;  

(ii) assessing risk;  

(iii) responding to risk once determined; and

(iv) monitoring risk over time. 

See the following under Risk Management for detailed information: 
NIST SP 800-39. 
NIST SP 800-12 Rev. 1. 
NIST SP 800-128. 
NIST SP 800-137 FIPS 200. 
NIST SP 800-161. 
NIST SP 800-30 Rev. 1. 
NIST SP 800-39. 
NIST SP 800-53 Rev. 4. 
NISTIR 7621 Rev. 1 NIST SP 800-53 Rev. 4. 
 
The process of managing risks to agency operations (including mission, functions, image, or reputation), agency assets, or individuals resulting from the operation of an information system. It includes risk assessment; cost-benefit analysis; the selection, implementation, and assessment of security controls; and the formal authorization to operate the system. The process considers effectiveness, efficiency, and constraints due to laws, directives, policies, or regulations. 

See the following under Risk Management for detailed information: 
NIST SP 800-18 Rev. 1 NIST SP 800-30. 
NIST SP 800-34 Rev. 1 NIST SP 800-53. 
 
The on-going process of assessing the risk to IT resources andinformation, as part of a risk-based approach used to determine adequate security for a system, by analyzing the threats and vulnerabilities and selecting appropriate cost-effective controls to achieve and maintain an acceptable level of risk. 

See NIST SP 800-16 under Risk Management for detailed information.  
 
The total process of identifying, controlling, and eliminating or minimizing uncertain events that may adversely affect system resources. It includes risk analysis, cost benefit analysis, selection, implementation and test, security evaluation of safeguards, and overall security review. 

See NISTIR 4734 under Risk Management for detailed information. 
 
An ISCM capability that focuses on reducing the successful exploits of the other non-meta capabilities that occur because the risk management process fails to correctly identify and prioritize actions and investments needed to lower the risk profile. 

See NISTIR 8011 Vol. 1 under Capability, Manage and Assess Risk for detailed information. 
 
The process of identifying, assessing, and responding to risk. 

See the following under Risk Management for detailed information: 
NIST Cybersecurity Framework Version 1.1. 
NIST Privacy Framework Version 1.0.