The NIST Risk Management Framework

The National Institute of Standards and Technology's Risk Management Framework (NIST RMF) serves as a defining model for cybersecurity management. The framework plays a significant role in meeting compliance and regulatory expectations, and when integrated into an organization, it aids in risk assessment and management. Categorizing the information system involves identifying its function, information types, and potential impact should it be compromised. This chapter focuses on the steps involved in the RMF, providing insights into their practical application and how they contribute to effective risk management. One of the key aspects of the NIST RMF is its ability to support compliance with regulatory requirements. The role of the RMF in compliance begins with its fundamental goal: managing information system‐related risks. The RMF can be used in technology implementation and managing third‐party risks, with an acknowledgment of the challenges faced during implementation and potential solutions to the problems.