What is Risk Management Framework NIST 800 37

Risk Management is being aware of and taking actions to prepare for probable unfavorable outcomes.

Risk Management Framework is a process the implement risk management in an organization.

There are (6) steps to the RMF:
1. Categorize
2. Select
3. Implement
4. Assess
5. Authorize
6. Continuous Monitoring

More on the Risk Management Framework Steps here:
http://diarmfs.com/risk-management-framework-steps/