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This video tutorial introduces the risk management framework, focusing on key components such as laws and regulations, understanding NIST special publication 800-53, defined roles and responsibilities in risk management. It emphasizes that risk management is not an exact science but requires collective judgments to identify and manage information security risks. Strategic risks pertain to risks to the overall organization, while mission or business risks direct actions at the tactical or information systems level. Strategic planning, oversight, and management are essential in providing effective risk response measures to protect organization's missions and business functions.