Which of the following is a key component of the NIST Risk Management Framework?

The key component of the NIST Risk Management Framework involves security control selection, deployment, and auditing. This process is critical because the framework is designed to help organizations manage risk to their information systems effectively. By selecting appropriate security controls, organizations can mitigate risks to an acceptable level. Deployment ensures that these controls are implemented properly so that they function as intended within the system. Auditing, on the other hand, verifies the effectiveness of the controls over time and ensures they are maintained in accordance with the organization’s security policies and regulatory requirements.

This focus on security controls is essential for establishing a comprehensive risk management strategy, as it directly relates to protecting sensitive information and maintaining the integrity, availability, and confidentiality of data within organizational systems. Budgeting and finance management, data entry standardization, and user satisfaction assessments, while important in their own contexts, do not directly contribute to the structured approach to identifying, assessing, and managing risk that is encapsulated in the NIST Risk Management Framework.