Key functions of an Information Security Risk Management Committee

An Information Security Risk Management Committee (ISRMC) plays a pivotal role in protecting an organisation's assets by overseeing the identification, assessment, and management of security risks.

What are the key functions of an ISRMC?

Identifying Risk: The ISRMC is responsible for identifying potential threats to the organisation's information security. This includes analysing external and internal environments to detect emerging risks including cyberattacks, data breaches, or compliance failures.

Risk Assessment and Prioritisation: Having identified risks, the committee assesses their likelihood and impact on the organisation. Risks should be categorised (e.g., high, medium, low) based on their potential to harm operations, financial stability or reputation. The committee is then also in a position to prioritise response actions effectively.

Policy Development and Review: The committee is tasked with creating and reviewing security policies, procedures, and frameworks to guide the organisation in mitigating identified risks. Examples of policies that should be in place and reviewed are - data protection, incident response, access controls, and third-party vendor management.

Risk Mitigation Strategy: Formulating risk mitigation strategies is an important function of the ISRMC covering the implementation of preventive measures, designing security controls and reducing risks to acceptable levels by recommending solutions such as firewalls or multi-factor authentication.

Monitoring and Reporting: The committee monitors the effectiveness of the implemented security controls and risk mitigation measures on a continuous basis. Risk assessments and audits should be conducted at regular intervals, with findings reported to senior management to ensure that the risk posture aligns with the organisation’s goals.

Compliance and Legal Oversight: The committee ensures that the organisation complies with relevant laws, regulations, and industry standards (e.g. ASD Essential, ISO, PCI, Local Government Act).

Incident Response and Recovery: In the event of a security incident, the members of the committee will oversee the response process. This includes coordinating with IT, legal, and communication teams to handle the breach and manage recovery, minimising damage and ensuring business continuity.

Training and Awareness: Promoting and overseeing security awareness programs to ensure staff are knowledgeable about security risks, proper data handling, and safe online practices.

Continuous Improvement: The ISRMC should foster a culture of continuous improvement by reviewing past incidents, analysing lessons learned, and updating risk management strategies to address evolving threats and vulnerabilities. This assists in keeping the organisation’s security posture robust in a dynamic threat landscape.

In summary, the Information Security Risk Management Committee ensures the organisation is well-prepared to manage security risks, comply with regulations and legal requirements whilst maintaining a secure environment through planning, monitoring, and continuous improvement efforts.