Explore the intersection of NIST guidelines and application risk management in this 51-minute conference talk from Louisville InfoSec 2013. Delve into key topics including threat sources, risk assumptions, assessment techniques, and mitigation strategies. Learn about the importance of accountability in risk management and how to handle potential pitfalls. Gain insights on balancing the fear of security breaches with effective risk monitoring using tools like RiskEnvoy Monitor. Understand how to navigate high-stakes scenarios and implement best practices for securing your applications according to NIST standards.