Open FAIR
E701305
Open FAIR is a risk analysis and quantification framework that provides a standardized, quantitative approach to assessing and comparing information and operational risks.
Statements (47)
| Predicate | Object |
|---|---|
| instanceOf |
information risk framework
ⓘ
risk analysis framework ⓘ risk quantification framework ⓘ |
| aimsTo |
enable comparison of different risks
ⓘ
improve consistency of risk assessments ⓘ link risk to business impact ⓘ standardize risk terminology ⓘ |
| appliesTo |
multiple industries
ⓘ
organizations of various sizes ⓘ |
| characteristic |
model-based
ⓘ
quantitative ⓘ scenario-based ⓘ technology-agnostic ⓘ |
| comparedWith | qualitative risk assessment methods ⓘ |
| defines | risk in terms of loss event frequency and loss magnitude ⓘ |
| emphasizes |
probabilistic thinking
ⓘ
separation of frequency and magnitude in risk ⓘ use of ranges instead of point estimates ⓘ |
| focusesOn |
information risk
ⓘ
operational risk ⓘ |
| hasComponent |
control analysis
ⓘ
loss event frequency model ⓘ loss magnitude model ⓘ threat event frequency model ⓘ vulnerability model ⓘ |
| hasFullName | Open Factor Analysis of Information Risk NERFINISHED ⓘ |
| models |
control strength
ⓘ
loss event frequency ⓘ loss magnitude ⓘ probable loss exposure ⓘ threat event frequency ⓘ vulnerability ⓘ |
| output |
financially expressed risk metrics
ⓘ
quantified loss exposure ⓘ risk distributions ⓘ |
| provides |
quantitative approach to risk analysis
ⓘ
standardized approach to risk analysis ⓘ |
| supports |
decision making under uncertainty
ⓘ
risk comparison ⓘ risk quantification ⓘ |
| usedFor |
IT risk management
ⓘ
communicating risk in financial terms ⓘ comparing risk scenarios ⓘ cybersecurity risk analysis ⓘ information security risk analysis ⓘ operational risk analysis ⓘ prioritizing risk mitigation investments ⓘ |
Referenced by (1)
Full triples — surface form annotated when it differs from this entity's canonical label.