The Risk Management Framework (RMF)

The Risk Management Framework (RMF) is one of the methodologies used in information technology to manage or reduce all potential risks to the enterprise. Typically, the framework describes the measures that firms can take during and after deployment to ensure that the information systems exist inside the framework. The technique comprises the selection and specification of all security controls that the systems should have to ensure that there are no dangers in the systems’ existence (Taylor 2014). The framework focuses on incorporating security and risk management principles throughout system development. This paper focuses on the implementation and the application of the risk management framework. The article provides a practical example of the system cycle can exist within the Risk Management Framework within the company. Besides, the report establishes the various ways through which the RMF helps the company to be prepared n handling the cybercrimes. Additionally, the report discusses the different means through which the RMF helps businesses during the introduction of new technologies. Therefore, the report is critical in providing an understanding of the implementation of RMF and its importance to businesses.

How the RMF supports the Information Systems as they exist within the SDLC

The RMF is one of the most critical aspects for consideration during the software SDLC implementation. The RFM aims at provision of the systems that have effectiveness, efficiency, exists within the prevailing information systems standards such as policies, applicable laws, regulations and orders. Therefore, the approach helps to ensure that the organization uses secure systems that are robust and contains all the desirable characteristics. Usually, the SDLC provides the steps that developers can follow to deliver better products. However, it is critical that all the SDLC stages of the system exist within RMF to ensure its effectiveness. To achieve the goal, various six step stages are employed to implement the RMF to cover the operation (Adams et al., 2015).

The first step in the implementation is to categorize all the aspects of the system. It entails the classification regarding the information processing, storage and transmission and how they impact the performance of the system. The step should be implemented carefully for effectiveness. The second practical stage is to select and set the baseline. There is need to define the security threshold expectations of the system. It describes the minimal features of the system that can help attain a secure network. The third step entails the actual implementation of the selected features. Here, the system is manipulated to ensure that it achieves the defined security measures.

The risk assessment immediately follows the implementation. It is a process that entails a scrutiny of the implemented features to ensure that they meet the expectations. It defines the specific functions that are applied in the system. The fifth step is in the RMF is authorization. It is a management practice that creates permission and acceptance of the implemented features. The leaders arrive at this decision after an understanding of all the elements, the environment of operation and sufficient consultation to ensure that the systems meet the expected risk or security attributes. The last step focusses on the monitoring of the risks. It defines the practical steps that the company can employ to assess the risks of its operation. The process goes on forever as long as the system exists in the organization (Ferrell et al., 2011).

Practical application of the RMF in a company

Consider an organization that has implemented the System Application Product (SAP) software product. The implementation process strictly adheres to the SDLC to realize the quality and other benefits and minimize the potential losses that may happen to understand the software system for the company. As a strategy to integrate the risk framework, the initial stages employed the first five steps that start from categorizing, selection and security baseline setting, the implementation, risk assessment and the authorization. These stages may continue the implementation of the SAP system.

However, it is clear that the last stage of RMF is the risk monitoring. After the software deployment through the SDLC, the last step is software maintenance. The measure aims at supporting the software system to ensure that it realizes the best for what it was designed to do. The best way to integrate the monitoring aspect of the legacy SAP system is its incorporation into the maintenance step of the SDLC. Risk monitoring step of the RMF should be considered as part of the maintenance stage of the SLDC for the SAP system in the organization. Such practices will ensure that risks are controlled or mitigated, and the company realizes the best from their operations.

From the discussion in the discussion above, it is clear that organizations should efficiently make a practical implementation of the RMF through its incorporation into the SDLC. The approach gives the company a good opportunity to significantly reduce the uncertainties, increase efficiency and effectiveness, which are factors that help organizations to yield more from the information systems.

How the RMF helps the companies to improve Cyber Security

The cybercrime refers to an illegal activity conducted by people involving the computers or the internet. The term describes all the ill practices that may make the information systems not to deliver as intended. On the other hand, the cybersecurity refers to the process or the technologies or the measures that are lid in place to protect the data, the network of the systems to ensure that they are immune from cyber attack. Currently, cybersecurity forms one of the essential aspects of the information system usage because it lays in place the measures that are critical in reducing the risks involved in system usage, a factor that protects the company (Slack et al., 2015).

The main consequences of cyber-attack include the information damage, theft, increased unauthorized system access and the compromise of the official system records. Usually, the attackers use a variety of ways which include the malware, virus, ransomware, the Trojan, worms, spyware and many other ways. The main gates of attack into the systems include social engineering, where the attackers capitalize on the weaknesses of a given individual, phishing, where they masquerade the entries into the system and the drive-by, whereby the attackers utile the known vulnerabilities of the system. Besides, the invaders apply the pharming, where they direct the websites to a fake place and the Man in the Middle where they utilize the impersonation characteristics to attack the system.

In as much as the damage from the cybercrimes has increased to an alarming rate, it has always been difficult to handle the vice. The challenges arise from the nature of the attacks. Firstly, the cyber criminals are always indiscriminate. They always exploit any form of the weakness in the system for financial gains. Secondly, the attacks are continually evolving, and it’s difficult to predict the next loophole attack. The dynamic nature is difficult to form the strategies to handle the attack. Then, lastly there exists many different forms of attack, a factor that makes it hard to curb the attacks because one cannot quickly tell all the possible system loopholes.

The best way for the organizations to implement cybersecurity as a way to protect themselves from the attacks is through the setting up of a system to establish the vulnerable points and the possible exposures to the incursions into the system. The method will provide information which will be implemented by the management to mitigate the uncertainties in the system. The focus should be on the process, people and the technology (Cybersecurity - GOV.UK, 2017).

Usually, the cybersecurity process starts with the identification of the risks, threats and the vulnerabilities that are likely to attack the organization. After the identification of these items, the body then comes up with appropriate strategies to curb them. Its effectiveness determines the suitability of the solutions regarding cost and other aspects. In the last stages, it is critical to consider the monitoring system that provides a way to continuously identify and solve the possible risks of the attack. These steps are a practical implementation of the risk management framework. Therefore, the RMF is a critical element for the implementation of cyber security in a given company.

The RMF framework provides various advantages which include the reduction of the risks from the cyber-attack of the system. It also provides direction implementing the cybersecurity policies for effectiveness. Besides, it helps define clear lines of communication during the endeavour. Additionally, the framework helps to unveil hidden knowledge which is critical in improving the understanding of the cyber-attacks.

How the RMF helps the companies during the introduction of the new technologies

Technology is one of the most dynamic entities in every business organization. It is always evolving, a factor that forces corporations to stay flexible and ready to adopt the new technologies in the market. Failure to take the current technologies makes the organizations use obsolete or outdated technologies which has negative impacts on the business. The companies tend to lose their competitive advantages which in turn lead to low profitability, increased risks and the lowered business continuity (Spring et al., 2015).

The process of shifting from one technology to the other or the introduction of the new technologies into the organization is associated with many different kinds of risks. They include system failure, data loss, security compromise and many other negative impacts. Therefore, it is always prudent for the companies to make practical, effective plans to reduce the risks or the uncertainties associated with the instruction of the new technologies (Risk Management Framework (RMF) Overview - Risk Management, n.d.).

The RMF plays a critical role in the implementation of new technologies into a given organization. It defines the stages that are involved in identifying and documenting the possible risks, guides in mitigation strategy provision and also the schedule for continuity aspects. Therefore, before, during and after the system implementation, it is critical to consider the FMF concept. The approach will continuously help to emanate the risks associated with the implementation of the technologies. When well adopted, the framework significantly reduces the risks in system migration process, yet delivering high-quality products to the firm.

Conclusion

In conclusion, the risk management framework forms one of the most critical aspects of every company that uses the information technology systems. The frame is used to manage the possible risks in the methods used on the firm. It is applied to various stages that involve the risks identification, documenting, the formation of the mitigation strategies and the continuous monitoring system. The approach is used to the already existing systems through the monitoring aspects of the implementation. Besides, the framework is applied to mitigate the risks that may arise from cybercrimes. It improves the cybersecurity of every company. Additionally, the RMF is applied during system migration, when a group has embraced new technologies for use. Therefore the RMF plays a critical in business.

References

Adams B., Bellomo S., Bird C., Marshall-Keim T., Khomh F. & Moir K. (2015). The Practice and Future of Release Engineering, A Roundtable with the Three Release Engineers. IEEE Software: Special Issue on Release Engineering. Volume 32. Number 2, pp. 42-49.

Cybersecurity - GOV.UK. (2017, November 30). Retrieved on December 17, 2017, from https://www.gov.uk/government/policies/cyber-security

Ferrell, O., Ferrell, L., & Fraedrich, J. (2011). Business Ethics: Ethical Decision Making and Cases. South-Western Cengage Learning.

Risk Management Framework (RMF) Overview -Risk Management | CSRC. (n.d.). Retrieved on December 17, 2017, from https://csrc.nist.gov/projects/risk-management/risk-management-framework-(RMF)-Overview

Slack, N., Brandon-Jones, A., Johnston, R., & Betts, A. (2015). Operations and process management: Principles and practice for strategic impact. Harlow, England: Pearson.

Spring, J., Kern, S. & Summers, A. (2015). “Global adversarial capability modelling”. 2015 APWG Symposium on the Electronic Crime Research (eCrime), pp. 1–21.

Taylor, L. (2014). Practical Enterprise Risk Management: How to Optimize the Business Strategies through Managed Risk Taking. Kogan Page.