Risk Management Framework

Flosum understands the importance of risk management in maintaining the security and compliance of our software applications. To effectively manage risks, we follow a risk management framework that is designed to identify, assess, and mitigate risks throughout the software development lifecycle. The risk management framework comprises the following steps.

• Risk Identification - During the planning phase of the SDLC, we identify potential security risks that could affect the software application. This is done by considering factors such as user authentication and access control, data protection, and threat modeling. We use risk assessment templates and checklists to help identify potential risks.

• Risk Assessment - Once we have identified potential risks, we assess the likelihood and impact of each risk to determine its priority for mitigation. We use quantitative and qualitative methods to assess risks, such as conducting risk surveys or using risk matrices.

• Risk Mitigation - Based on the results of the risk assessment, we develop a plan to mitigate the identified risks. This may involve implementing security controls, such as access controls, encryption, or intrusion detection systems, to reduce the likelihood or impact of the risk. We prioritize mitigation activities based on the level of risk and available resources.

• Risk Monitoring - After implementing mitigation measures, we continue to monitor and assess the effectiveness of the controls. This includes conducting regular security audits, vulnerability assessments, and penetration testing to identify any new or existing vulnerabilities. We also monitor the system logs and user activity to detect any unusual activity that could indicate a security breach.

• Risk Reporting - We maintain a risk register that documents all identified risks, their likelihood and impact, and the status of mitigation measures. We report on risk management activities to stakeholders, such as management and regulatory bodies, to ensure transparency and accountability.