Risk Management Chart is described in NIST SP 800-39, Managing Information Security Risk.
The Risk Management Chart is known as the Risk Assessment Activities (Figure 3-1). The risk management chart consists of 9 steps:
- system characterization
- threat identification
- vulnerability identification
- control analysis
- Likelihood Determination
- Impact Analysis
- Risk Determination
- Controls Recommendations
- Results Documentation
This data can be gathered and added to a risk management worksheet (some times known as a risk management chart):
Risk Management Chart steps description:
1) System characterization – Gather information into a System Security Plan (SSP). Syste characterization includes: Hardware, Software, System interfaces, Data and information, IT system support staff, System mission, System and data critical, System and data sensitivity.
2) Threat Identification – Without a defined threat, there is no way to quantify or identify a threat.
3) Vulnerability Identification – Once the asset and threat are identified, you can more easily determine if your system has a weakness for that particular disaster or exploit.
4) Security Control Analysis – If your system already has security controls in place, you must take that into account because this may lower your risk.
5) Likelihood determination – The probability that your asset will be exploited is based on the threat source motivation, threat capability, your vulnerability and the security controls you have in place.
6) Impact Analysis – This where you gather all the data from asset identification, threat source, vulnerability identification, security controls, likelihood of attack and figure you what would happen if something really did happen.
7) Risk Determination / Risk Identification – Based on all the data gathered you can make a pretty good risk determination.
8) Control Recommendation – After risk identification, the information security practitioner can recommend security controls.
9) Results Documentation – The data gathered is documented with a risk assessment report, security assessment report and/or risk registers/risk log/risk worksheet.
Who does risk identification:
Ultimately it is the information system owner and authorizing official that must make a determination on what kind of risk they will accept, but they rely heavily on the expertise of an information security engineer, information system security manager, information system security officer and technical professionals to articulate what is happening on the ground.
The ISSO/ISSM/ISSE typically document the process mentioned above or the DIARMF process. Security professionals coordinate with IT professionals to “get into the weeds” of technical security controls and vulnerabilities.