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This video tutorial introduces the risk management framework, exploring key components such as laws and regulations, NIST special publication 800-53, and defined roles and responsibilities. Risk management in information security is a collective effort that involves strategic planning, oversight, management, and daily operations. Strategic risk pertains to risks to the overall organization, while mission or business risk directs risks at the tactical or information systems level. The goal is to provide adequate risk response measures to protect the organization's missions and business functions.