How to implement a risk management framework

Managing information security risks in today’s threat landscape requires more than just reactive measures. As systems grow more complex and regulatory demands tighten, organizations must adopt structured, scalable frameworks for identifying, assessing, and managing risk. A risk management framework (RMF) provides a consistent process to guide security implementation and risk response across systems and teams. In this blog, we’ll explore what a risk management framework is, why it matters, the major frameworks available, and how to implement one using the widely adopted NIST RMF. Let’s get started.

What is a risk management framework?

A risk management framework (RMF) is a structured methodology used to identify, analyze, respond to, and continuously monitor risks to an organization’s systems and information. Among the most widely used RMFs is the NIST Risk Management Framework, developed by the National Institute of Standards and Technology (NIST). It offers a flexible yet comprehensive process for integrating security and privacy into the system development lifecycle and aligning with organizational risk tolerance.

The NIST RMF defines seven steps that help organizations plan, implement, evaluate, and continuously improve risk management practices. It is tightly integrated with NIST SP 800-53, which provides an extensive catalog of security and privacy controls to be implemented under the NIST RMF. Together, these resources form a scalable foundation for building secure systems that meet compliance requirements and maintain resilience against evolving threats.

Importance of a risk management framework

A risk management framework is essential for ensuring that an organization can anticipate and respond to threats before they escalate into serious issues. Whether it’s regulatory non-compliance, cyberattacks, or operational disruptions, an RMF helps reduce exposure by aligning risk responses with business objectives and risk appetite. Implementing a risk management framework helps organizations transition from ad-hoc security efforts to a mature, risk-informed approach. Key benefits include:

• Consistency and accountability in managing risk across teams and systems

• Alignment with federal and industry regulations, such as FISMA and FedRAMP

• Informed decision-making through documented risk tolerance and assessment processes

• Systematic application of controls tailored to system impact levels and mission requirements

• Ongoing visibility into control effectiveness and system posture through continuous monitoring

For federal agencies and their suppliers, adherence to the NIST RMF is a regulatory requirement. For others, voluntary implementation offers a tested framework for protecting critical assets and maintaining business continuity.

Types of risk management frameworks

Different organizations have different risk profiles, so selecting the right framework depends on your industry, regulatory requirements, and business goals. While NIST RMF is a gold standard for government and federal contractors, several other RMFs exist—each with its own focus and use case. Here’s a quick overview of common risk management frameworks and where they best apply:

• COSO Enterprise Risk Management (ERM) Framework: Commonly used by public companies and financial institutions, it emphasizes enterprise risk management, governance, and alignment with organizational strategy.

• ISO 31000: A universal standard for risk management applicable to any organization regardless of size or sector. It provides a high-level, principle-based approach to managing risks across business functions.

• Information Technology Infrastructure Library (ITIL): A framework designed for IT service providers and tech-driven businesses. It integrates risk management into service design, delivery, and operations.

• Project Management Body of Knowledge (PMBOK): Designed for project managers and PMOs, it is a widely used standard that addresses risk identification, response planning, and control throughout the project lifecycle.

Each framework serves a unique purpose, so organizations often adopt one that aligns with their risk maturity, industry standards, and compliance obligations. But for organizations with regulatory obligations or a strong focus on cybersecurity, NIST RMF provides one of the most detailed and technically grounded approaches.

Implementing a risk management framework

The NIST RMF offers a detailed, 7-step process that guides organizations through the implementation of a risk management program. Below is a breakdown of each step:

Step 1: Prepare your information systems

Begin by establishing a foundation for risk management. At the organizational level, assign roles and responsibilities, define your risk tolerance, and develop a risk management strategy through policies and procedures for analyzing, prioritizing, addressing, and monitoring information security risks.

Perform an organization-wide risk assessment, identify common controls from NIST SP 800-53 and within your organization’s current information system(s), and put in place mechanisms for continuous monitoring. To help you with this step, the 6clicks platform provides an AI-powered control mapping capability that enables you to instantly map your own controls to NIST SP 800-53 controls, allowing you to identify overlaps within seconds.

At the system level, identify stakeholders, determine the system boundaries, and define the information lifecycle stages as well as the different types of information processed, stored, and transmitted by the system. Other system preparation activities include assessing system-level risks, mapping the system to the enterprise architecture, and ensuring the registration of the information system. Preparation ensures everyone is aligned before diving into technical execution.

Step 2: Categorize your information systems

The next step involves defining the security categorization of the information system based on the impact of potential risks. First, a system description must be created, outlining key details such as the name, identifier, functionality, and business purpose. Then, conduct an impact analysis using guidelines from FIPS 200 and CNSSI 1253 to assign system impact levels based on the potential consequences of compromised confidentiality, integrity, or availability. If the system handles personally identifiable information (PII), the security categorization must be reviewed and approved by an authorizing official appointed by the organization.

Step 3: Select the necessary security controls

After preparing and categorizing your information systems, the next step is to define and document the controls necessary to mitigate identified risks. Choose appropriate controls from NIST SP 800-53, tailoring them to fit your system requirements and organizational risk appetite. Classify controls as technical, human, or hybrid and allocate them to specific components of the system. Establishing system-level monitoring procedures for security controls is also part of this step. All selected controls must be documented and approved by an authorizing official.

Step 4: Implement the security controls

The Implement step focuses on executing the control plan and updating all system documentation. Apply the selected controls as outlined in your implementation plan. Follow best practices such as system security engineering principles and ensure mandatory configurations based on regulatory or organizational requirements are applied. Document any changes or deviations and update the system documentation with the “as-implemented” state of the controls. Proper documentation is essential to support future assessments and audits.

6clicks’ integrated control management functionality enables you to easily set up and document the implementation of your controls, remediate issues through task assignment features, and link controls to identified risks and compliance requirements for a unified risk management strategy.

Step 5: Assess the security controls

Next, the organization must assess whether the controls are implemented correctly and functioning as intended. This can be done through internal assessments or independent audits. Develop and approve an assessment plan, document findings in assessment reports, and take remediation actions where necessary. For controls that present ongoing risk, establish a plan of action and milestones (POA&M).

The 6clicks platform offers an all-in-one solution to risk management, compliance, and audit readiness, allowing you to conduct control assessments and streamline the process through ready-to-use templates and automated responses powered by AI.

Step 6: Get authorization for the deployment of your information systems

Once controls have been assessed and documented, the system must undergo formal authorization. Assemble an authorization package including system documentation, assessment results, POA&Ms, and an executive summary. Based on the authorization package, the authorizing official will analyze and determine the system’s residual risk. The organization must then respond to residual risks either through acceptance or mitigation, and update the POA&Ms accordingly. Upon final review, the authorizing official issues an authorization decision, either approving or denying the operation of the information system.

Step 7: Continuously monitor your information systems

The final step involves continuous monitoring of system controls and evolving risks. Perform regular control assessments and repeatedly assess the organization’s risk posture. Update system documentation and the control implementation plan based on real-time changes and ensure ongoing reporting of the information system’s compliance and security posture to the authorizing official.

With 6clicks, you can leverage advanced solutions such as our Continuous Control Monitoring (CCM) capability to maintain robust security and ongoing compliance. Conduct automated control tests, receive instant alerts to verify real-time control effectiveness, and automate evidence collection for proactive risk management.

Overall, a robust risk management framework like the NIST RMF helps organizations formalize their security strategy, meet compliance requirements, and stay ahead of emerging threats.

Implement a robust risk management framework with 6clicks

Implementing a risk management framework like NIST RMF doesn’t have to be complex. With the 6clicks platform, you can streamline every step of the process—from risk assessment and gap analysis to continuous monitoring and compliance reporting. Our AI-powered platform comes equipped with:

• Powerful risk registers for centralizing your risk management activities, from risk identification to risk treatment

• Ready-to-use content such as frameworks, standards, control sets, risk libraries, and more

• Compliance automation capabilities including control mapping, control set creation, assessment response generation, and continuous control monitoring