ID.RM-1: Risk Management Processes
Risk management processes form the foundation of effective cybersecurity governance. ID.RM-1 requires organizations to establish, manage, and gain stakeholder agreement on risk management approaches that align with business objectives. Without formalized processes, your organization lacks visibility into how risks are identified, assessed, and addressed across departments.
What this means
This control requires you to develop documented risk management processes that are understood and accepted by key organizational stakeholders—including executives, department heads, and board members. These processes define how your organization identifies potential risks, evaluates their impact and likelihood, decides on response strategies, and monitors ongoing risk exposure. The control emphasizes that risk management cannot be siloed in IT; it must be an organization-wide practice with clear ownership, communication channels, and decision-making authority.
How to comply
- 1.Document your risk management framework, including methodology, roles, responsibilities, and escalation procedures
- 2.Define risk assessment criteria such as likelihood and impact ratings, and establish a common risk taxonomy
- 3.Obtain formal approval and sign-off from executive leadership and the board on your risk management approach
- 4.Communicate the approved processes to all relevant stakeholders through training and policy documentation
- 5.Establish a risk register or inventory that tracks identified risks, assessments, and mitigation actions
- 6.Schedule regular reviews (quarterly or semi-annually) to reassess risks and validate that processes remain effective
- 7.Create feedback mechanisms for employees to report emerging risks or process improvements
Evidence auditors look for
- Risk management policy document signed by C-suite and board
- Risk assessment methodology and scoring matrix
- Risk register with documented risks, owners, and mitigation status
- Meeting minutes from risk committee or governance meetings
- Risk training records for staff and stakeholders
- Stakeholder acknowledgment or sign-off forms confirming understanding of risk processes
- Annual risk management plan with prioritized actions
Frequently asked questions
When will FAQs be available?
The FAQ for this control is currently being prepared.
GRCWatch streamlines stakeholder collaboration and risk process documentation with templates, automated approval workflows, and a centralized risk register that keeps all teams aligned on methodology and status without scattered spreadsheets.
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