FISMA made FIPS mandatory for federal organizations. ▫ Special SP – Guide for Applying the Risk Management Framework. Mangler: sms. Learn what is FISMA, what are the top requirements of FISMA, who must comply with and implement a Risk Management Framework in order to comply with FISMA Organizations must meet the minimum security requirements by selecting the keys, as this essentially provides access to the information in clear text. FISMA, along with the Paperwork Reduction Act of and the Framework which effectively brings together all of the FISMA -related security.