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Concept
Factor analysis of information risk
Summary
Factor Analysis of Information Risk (FAIR) is a taxonomy of the factors that contribute to risk and how they affect each other. It is primarily concerned with establishing accurate probabilities for the frequency and magnitude of data loss events. It is not a methodology for performing an enterprise (or individual) risk assessment.
FAIR is also a risk management framework developed by Jack A. Jones, and it can help organizations understand, analyze, and measure information risk according to .
A number of methodologies deal with risk management in an IT environment or IT risk, related to information security management systems and standards like ISO/IEC 27000-series.
FAIR complements the other methodologies by providing a way to produce consistent, defensible belief statements about risk.
Although the basic taxonomy and methods have been made available for non-commercial use under a creative commons license, FAIR itself is proprietary. Using FAIR to analyze someone else's risk for commercial gain (e.g. through consulting or as part of a software application) requires a license from RMI.
FAIR's main document is "An Introduction to Factor Analysis of Information Risk (FAIR)", Risk Management Insight LLC, November 2006;
The contents of this white paper and the FAIR framework itself are released under the Creative Commons Attribution-Noncommercial-Share Alike 2.5 license. The document first defines what risk is. The Risk and Risk Analysis section discusses risk concepts and some of the realities surrounding risk analysis and probabilities. This provides a common foundation for understanding and applying FAIR. The Risk Landscape Components section briefly describes the four primary components that make up any risk scenario. These components have characteristics (factors) that, in combination with one another, drive risk. Risk Factoring begins to decompose information risk into its fundamental parts. The resulting taxonomy describes how the factors combine to drive risk, and establishes a foundation for the rest of the FAIR framework.
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