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A risk assessment framework (RAF) is an approach for prioritizing and sharing information about the security risks posed to an information technology organization. The information should be presented in a way that both non-technical and technical personnel in the group can understand. The view on the RAF provides assistance to organizations in identifying and locating both low and high-risk areas in the system that may be susceptible to abuse or attack.
The data that RAFs provide is beneficial for addressing potential threats and planning costs and budgets. Many RAFs are already accepted as standards in several industries. A few examples include the Operationally Critical Threat, Asset, and Vulnerability Evaluation (OCTAVE) from the Computer Emergency Readiness Team, the Control Objectives for Information and Related Technology (COBIT) from the Information Systems Audit and Control Association, and the Risk Management Guide for Information Technology Systems from the National Institute of Standards.
Like other frameworks, there is are guidelines for creating RAFs that needs to be followed: