The discussion in this podcast provides an extensive comparative analysis of two leading information security risk management methodologies: the ISO/IEC 27005 standard and the NIST Risk Management Framework (RMF). It establishes that modern organisations require a proactive, systematic approach to manage persistent cyber threats and details the philosophical differences, with ISO 27005 being a flexible, global standard for enterprise-wide Information Security Management Systems (ISMS), and NIST RMF being a prescriptive, U.S.-centric framework used primarily for achieving a formal Authority to Operate (ATO) for specific systems. Despite their distinct audiences and purposes, the report concludes that the frameworks are complementary rather than competitive, sharing the same foundational risk management principles and often being strategically integrated into a hybrid model for superior security governance. The analysis further breaks down the specific steps, terminology, implementation challenges, and successful real-world case studies for both the ISO five-step process and the NIST seven-step lifecycle. Ultimately, the discussion recommends that organisations use automation and a strategic hybrid approach to achieve both global alignment and rigorous, system-level compliance.