The goal of this program is to provide participants with the comprehensive knowledge and practical skills required to implement and manage a robust Digital Risk Management program:

• Risk Managers and Analysts.
• Compliance and Audit Professionals.
• CISO, CSO, and Security Leadership.
• Business Continuity and Resilience Planners.
• Enterprise Architects and System Owners.
• Heads of IT and Digital Transformation Initiatives.
• Project Managers overseeing large-scale digital projects.

• Comprehensive case studies on implementing DRM frameworks.
• Group activities simulating a risk assessment using the NIST RMF.
• Hands-on exercises applying the FAIR methodology to real scenarios.
• Role-playing for presenting risk reports to an executive audience.
• Discussions on cyber insurance and risk transfer mechanisms.

Unit 1: Foundations of Digital Risk Management (DRM)

• Defining Digital Risk: Technical, Operational, and Strategic risks.
• The importance of aligning DRM with Enterprise Risk Management (ERM).
• Establishing Risk Appetite and Tolerance levels.
• The role of technology in enabling and creating risk.

• In-depth review of ISO 31000 and NIST RMF.
• Mapping digital risks to established control frameworks (e.g., NIST CSF, COBIT).
• Introduction to the FAIR (Factor Analysis of Information Risk) methodology.
• Integrating privacy (GDPR, CCPA) and compliance risks into the framework.

Unit 2: Risk Identification and Assessment Techniques

• Inventorying and classifying critical digital assets (data, systems, services).
• Threat modeling techniques (e.g., STRIDE) for new and existing systems.
• Vulnerability scanning, penetration testing, and security audit inputs.
• Analyzing intelligence for emerging and relevant threats.

• Conducting a Qualitative Risk Assessment (Likelihood/Impact Matrix).
• Fundamentals of Quantitative Risk Assessment (Monetary Loss Expectancy).
• Applying FAIR to calculate Annualized Loss Expectancy (ALE).
• Developing a consistent risk scoring and prioritization methodology.

Unit 3: Risk Response and Treatment

• Risk response options: Avoid, Transfer, Mitigate, and Accept.
• Developing cost-effective and appropriate mitigation strategies.
• Techniques for transferring risk (e.g., cyber insurance, outsourcing).
• Documentation and rationale for accepted risks (risk register).

• Selecting controls based on risk level and required assurance (NIST SP 800-53).
• Principles of control design and effectiveness testing.
• Integrating security controls into the System Development Lifecycle (SDLC).
• Managing residual risk after control implementation.

Unit 4: Third-Party and Supply Chain Risk Management

• Identifying and classifying third-party digital risk exposure.
• Developing security questionnaires and standardized assessment criteria (e.g., SIG).
• Reviewing vendor certifications and audit reports (e.g., SOC 2).
• Contractual security clauses and Service Level Agreements (SLAs).

• Assessing risk throughout the digital supply chain.
• Monitoring and ongoing due diligence for high-risk vendors.
• Strategies for managing concentration risk with single providers.
• Addressing software supply chain attacks (e.g., code integrity, SBOMs).

Unit 5: Risk Monitoring, Reporting, and Continuous Improvement

• Defining Key Risk Indicators (KRIs) and Key Performance Indicators (KPIs) for security.
• Establishing a continuous monitoring and control verification program.
• Techniques for automating risk data collection and analysis.
• Regular review and update cycles for risk registers.

• Developing clear, concise risk reports for the Board and C-Suite.
• Translating technical risk into financial and business language.
• Conducting risk review meetings and driving informed decision-making.
• Incorporating feedback for continuous program improvement.