Hackers can easily exploit known vulnerabilities. Even though many companies are familiar with this risk, many still tend to down-prioritize mitigation and even ignore regulative demands and industry specific standards.
By implementing a complete patch management framework you significantly reduce the risk of a security breach and your organization will improve IT operations.
The positive spin-offs are typically seen in associated areas such as ITIL processes, roles and responsibilities, tools and culture. The latter refers primarily to the misconception that information security is a matter only IT department should be concerned with.
This NNIT Security Insights article presents an overall 10-step checklist for a sound patch management framework. It excludes the prerequisites for a successful implementation.
What is Patch Management?
Patch Management Framework Checklist
The Framework should include all the auxiliary components surrounding the actual patching. The more mature the company is, the more components may be added.
Some components may be part of a different framework or topic e.g. lifecycle management, which is fine as long as a review is made that also takes the added requirements related to patch management into consideration.
Companies differ in terms of needs, readiness and culture, so I recommend that you instead begin with assessing your current and desired state for each component and focus on the ones with largest gap and that can add the most value to your company.