What It Is

NIST SP 800-53 Revision 5 is the U.S. federal government's primary catalog of security and privacy controls for information systems and organizations. It provides a flexible, outcome-based framework to protect against diverse threats, emphasizing risk management over checklists.

Key Components

• 20 control families (e.g., AC, AU, PT, SR) with over 1,100 base controls and enhancements.
• Baselines in SP 800-53B: low/moderate/high impact plus privacy baseline.
• Organization-defined parameters, supplemental guidance, and OSCAL machine-readable formats.
• Integrated with SP 800-53A assessments and RMF (SP 800-37).

Why Organizations Use It

• Meets FISMA/OMB A-130 mandates for federal systems/contractors.
• Enhances risk management, resilience, and reciprocity.
• Builds trust via audit-ready evidence; enables cross-framework mappings (CSF, ISO 27001).
• Supports supply chain and privacy risks strategically.

Implementation Overview

• **RMF lifecyclecategorize, select/tailor baselines, implement, assess, authorize, monitor.
• Phased rollout with automation (OSCAL, tools); applies to any organization size/industry.
• No formal certification; compliance via authorization to operate (ATO) and audits. (178 words)

What It Is

Basel III is the international prudential regulatory framework developed by the Basel Committee on Banking Supervision (BCBS) post-2007 financial crisis. It sets minimum standards to enhance bank resilience through improved capital quality and quantity, leverage constraints, and liquidity requirements, using a risk-based approach with standardized and internal models.

Key Components

• **Three PillarsPillar 1 (capital, leverage, liquidity ratios like CET1 4.5%, leverage 3%, LCR/NSFR 100%); Pillar 2 (supervisory review, ICAAP); Pillar 3 (disclosures for comparability).
• Revised risk approaches (credit, market, operational) with output floor (72.5%).
• Buffers: conservation (2.5%), countercyclical, G-SIB/D-SIB.
• Compliance via national implementation, no central certification.

Why Organizations Use It

Banks adopt for regulatory compliance, avoiding fines and restrictions. Benefits include enhanced resilience, lower funding costs, accurate risk pricing, and competitive edge via robust governance. Builds stakeholder trust amid supervisory scrutiny.

Implementation Overview

Phased enterprise transformation: governance setup, gap analysis, data/models build, testing, deployment. Targets internationally active/large banks globally; involves PMO, IT upgrades, training. Audits via supervisors, Pillar 3 reporting.