In advanced vendor risk management, which framework is often applied for risk categorization?

  • COBIT (Control Objectives for Information and Related Technologies)
  • FAIR (Factor Analysis of Information Risk)
  • ISO/IEC 27001 Information Security Management System (ISMS)
  • NIST Cybersecurity Framework
In advanced vendor risk management, the FAIR (Factor Analysis of Information Risk) framework is often applied for risk categorization. This quantitative risk assessment model helps organizations quantify and prioritize risks, providing a systematic approach to managing and mitigating potential threats. Familiarity with risk frameworks is essential for effective risk management strategies in the context of vendor relationships.__________________________________________________
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