FAIR RISK ONTOLOGY

An Enterprise Scalable Risk Model

FAIR's risk model components are specifically designed to support risk quantification:

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  • A standard taxonomy and ontology for information and operational risk.
  • A framework for establishing data collection criteria. 
  • Measurement scales for risk factors.
  • A modeling construct for analyzing complex risk scenarios.
  • Integration into computational engines such as RiskLens for calculating risk.

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Complementary to Existing Risk Frameworks

FAIR's risk analysis capabilities complement the existing risk management frameworks.

  • fi2Risk frameworks from organizations such as NIST, ISO, CERT, ISACA, etc. are useful for defining and assessing risk management programs.
  • They all prescribe the need to quantify risk, but for the most part, they leave it up to the practitioners to figure it out.
  • Some are silent on the subject of how to compute risk, while others are open in the allowance of 3rd party methods.
  • Frameworks such as NIST 800-30 attempt to measure risk, but fall short as they rely on qualitative scales and flawed definitions.
  • FAIR helps fill that gap by providing a proven and standard risk quantification methodology that can be leveraged on top of those frameworks.

Learn more in the FAIR Book