2. Risk management strategy

The risk management strategy, documented in one or multiple documents, informs decisions on how security and privacy risks are framed, assessed, responded to, and monitored. This foundational strategy outlines threats, assumptions, constraints, priorities, risk appetite, and risk tolerance, guiding strategic decisions for managing security, privacy, and supply chain risks. It includes organisational risk appetite and tolerance levels, approved assessment methodologies, risk response strategies, and a consistent approach for evaluating and monitoring risks. By incorporating these strategies into your risk management plan, you ensure that responses to risks align with the organisation's risk appetite and strategic objectives.