Overview of the Risk Management Policy
The Risk Management Policy serves as a blueprint for managing risks across an organization. It is designed to support the achievement of corporate objectives, protect staff and business assets, and ensure financial sustainability. The policy outlines a structured approach to managing risks, including the assessment and treatment of risks, as well as the integration of risk management into key organizational processes.
Key Points of the Risk Management Policy
The policy is comprehensive and covers various aspects of risk management. Below is a summary of the key points based on the table of contents provided:
Program Management Establishes the framework for managing risk within the organization.
Annual Risk Assessment Mandates regular risk assessments to identify and evaluate potential risks.
Change Management Integration Ensures that the risk management process is integrated with change management to address new risks.
Changes in Risk Requires updates to risk management programs to reflect organizational and system changes.
Sensitive Data Involves the formal identification and documentation of sensitive data by management.
Identity Theft Protection Program Includes measures to prevent financial and medical identity theft.
Comprehensive Program Maintains a program to manage risks associated with critical data and systems.
Risk Assessments
Consistent Manner at Defined Intervals Risk assessments should be performed regularly and reviewed annually.
Risk Register Maintains a comprehensive list of potential risks to be evaluated.
Likelihood and Impact Evaluates the potential impact of risks on the organization.
Comprehensive Risk Assessment Results Updates the enterprise-wide risk assessment biennially.
Subset of Security Controls Assesses a subset of security controls annually.
Significant Changes Conducts risk assessments for significant changes in the environment or systems.
Authorization to Operate Updates risk assessments before issuing new formal authorizations.
Risk Treatment
Methodology Defines a formal approach for addressing identified risks.
Plan Documents a plan for managing information security risks.
Integrated Control System Implements various control types to mitigate risks.
Misuse or Disclosure Mitigates harmful effects from the misuse or disclosure of sensitive data.
Security Architecture
Enterprise Architecture Includes information security considerations in the enterprise architecture.
Information Security Architecture Supports the enterprise architecture by addressing security risks.
Architecture Review Reviews and updates the information security architecture annually or after changes.
System Development Life Cycle
Security Controls Incorporates security controls into the system development life cycle.
Risk and Business Value Reflects the risk and business value in security control requirements.
Supplier Acquisition Contracts Includes security control requirements in supplier contracts.
Availability Requirements Considers system availability when defining security control requirements.
Automated Controls Specifies the incorporation of automated controls in critical systems.
Project Management Methodology Addresses information security in all project phases.
Security Engineering Principles Applies security engineering principles in system development.
Security Risk Management Integrates risk management into the system development life cycle.
Requirement Definition Phase Considers security requirements during the requirement definition phase.
Acquisition Process Defines a process for acquiring commercial products with security requirements.
Commercial Software Assesses commercial software for security before implementation.
Security Functionality Reassesses risks when security functionality is insufficient.
Unnecessary Functionality Disables or mitigates unnecessary functionality that poses a security risk.
Acquisition Risk Assessment Completes a risk assessment before acquiring information services.
Outsourced Information Services Inventory Maintains an inventory of outsourced services.
Functions, Ports, Protocols, and Services Documents these elements early in the system development life cycle.
Control Design and Implementation Provides specific control design information.
Secure Development Environments Establishes secure environments for system development.
Developed Software Testing Thoroughly tests developed software for security.
User Acceptance Testing Conducts independent testing to ensure software or system performance.
In conclusion, the Risk Management Policy is a vital document that guides organizations in proactively managing risks. It ensures that risks are identified, assessed, and treated in a systematic and consistent manner, thereby safeguarding the organization's assets and reputation.
For those interested in implementing a Risk Management Policy, we have a template available for purchase that can be tailored to your organization's specific needs.
