The risk management framework is a six-step procedure designed to help institutions design the best data security procedures. The framework aids in developing the company's best risk management strategies and procedures.

The framework is made to have access to all organizational levels, comprehend the objectives of each project, and keep track of all running systems in order to spot and assess any potential hazards. It is integrated with the company's software. Businesses are given important security information through a risk management framework so they may develop effective risk management and mitigation plans.

Step 1: Categorize

By automatically identifying and categorizing all component devices, mapping ports, protocols, and services (PPS), and corresponding transaction-level details, real-time stream processing of network traffic to produce wire data will enable organizations to determine the appropriate security category of a system. This zero-knowledge technique helps define a system's security level and boundary based on identified device interactions and dependencies, as well as indisputably identifying the devices, services, and data that make up a system. Device characteristics like IP and MAC addresses, as well as PPS and pertinent Layer 7 transaction data like username, database query, application request/response details, files, and many others, are captured and transformed into wire data that can be viewed, investigated, reported on, or sent to an external platform.

Step 2: Select

The Select stage is supported by two elements via wire data analytics: 1) Using a third party to provide observed artifacts collected during the Categorize step in order to support the selection of suitable security controls to reduce the identified attack surface, and 2) Providing an objective continuous monitoring solution for all data-in-transit for the system-under-evaluation. It is significantly more accurate to choose controls based on the outcomes of real-time wire data analytics than it is to rely on infrequent system evaluations, fictitious transactions, or old paperwork.

Step 3: Implementation

The security measures that were chosen in the previous stage are put into practice in this step. After being implemented, these controls must be monitored to determine whether they have met the minimal assurance and compliance standards that were established.

In this step, all appropriate information system usage patterns and security engineering approaches are chosen. To effectively manage risk, the organization must implement the appropriate security procedures.

Step 4: Assessment

An independent assessor is invited to the organization to review and approve these measures after all security controls are in place and assurance and compliance criteria have been satisfied. The reviewer will look for any security control inconsistencies. If any flaws or defects are discovered, the business will fix them before updating the security plan as necessary.

Step 5: Authorization

The organization must provide a package for approval that addresses all risk assessments and risk determination for the business once the assessment processes have been completed. The person in charge of this process will notify all necessary parties of the authorization decision.

Step 6: Monitoring

Continuous risk management is the last phase in the framework creation process. The organization must consistently and effectively monitor all security controls. Additionally, they must keep in mind any updates based on adjustments to the environment or the system. Regular updates are also required for the risk management framework's security status. Periodically, reports are created and distributed to determine whether any flaws require attention.