What encompasses a Remediation Life Cycle (RLC)?

Answer: 

The RLC is composed of the following:

Mapping Control Deficiency to Policies and Procedures to help identify design flaws that may influence the control deficiency.

Root Cause Analysis helps to clearly determine what caused the control deficiency.

Risk Profile Analysis helps to determine possible loss in terms of severity and probability. Severity is a measure of the degree of loss (impact) that is most likely to occur from a control deficiency. Probability is a measure of the likelihood that a selected level of severity will actually be incurred (experienced).

Risk Acceptance Analysis helps determine and document the decision to accept the control deficiency and the associated risks based upon the institution's risk appetite.

Remediation Planning and Implementation are activities that document what actions are necessary to fix the control deficiency and the cost that will be incurred.