A management framework of policies, processes, and controls used to direct and control how an organization protects information.
An Information Security Management System (ISMS) is a structured management framework that an organization uses to direct and control how it protects information. It covers the governance, policies, processes, resources, and controls that define how information security is planned, implemented, monitored, reviewed, and improved.
In practice, an ISMS typically includes:
Standards such as ISO/IEC 27001 define formal requirements for establishing, implementing, maintaining, and continually improving an ISMS.