Step 7 of the ISO 27001 implementation process focuses on establishing a robust risk management methodology, a critical foundation for managing information security risks within the Information Security Management System (ISMS). Building on the scope, asset inventory, and policies defined in previous steps, this phase addresses both ISMS-related risks and specific threats to information assets’ confidentiality, integrity, and availability. By defining clear processes for risk assessment and treatment, organizations ensure a consistent, strategic approach to identifying, evaluating, and addressing risks. This step is essential for aligning risk management with business objectives and preparing for subsequent risk assessment and treatment phases.
Required Activities and Tasks
This step involves a streamlined set of activities to create a structured and repeatable risk management framework, ensuring alignment with ISO 27001 requirements and organizational goals:
Define Risk Assessment and Acceptance Criteria: Establish standardized criteria for measuring the likelihood and impact of risks, as well as the organization’s risk acceptance thresholds, ensuring alignment with business strategy and leadership approval.
Develop Risk Assessment and Treatment Processes: Create formalized, step-by-step processes for identifying, analyzing, and evaluating risks, as well as determining appropriate treatment actions (e.g., mitigation, avoidance, transfer, or acceptance).
Create and Communicate a Risk Management Policy: Develop a comprehensive policy that consolidates risk assessment criteria, acceptance rules, and processes, enhancing clarity and accountability across the organization, even though this is not mandatory.
The milestone for this step is the formal establishment and approval of the risk management methodology, ensuring a clear framework for managing information security risks.
Deliverables of This Step
The outputs of Step 7 provide a structured approach to risk management within the ISMS:
Risk Assessment Criteria: A set of defined rules for measuring risk likelihood and impact.
Risk Acceptance Criteria: Guidelines outlining acceptable risk levels, approved by top management.
Risk Assessment Process: A formalized process for identifying, analyzing, and evaluating risks.
Risk Treatment Process: A defined process for selecting and documenting risk treatment options.
Risk Management Policy (Optional): A consolidated policy summarizing risk management criteria and processes for organizational clarity.
These deliverables ensure a consistent and compliant approach to managing information security risks.
Normative References
This step is guided by specific ISO 27001 clauses and supported by additional guidance:
Clause 6.1.1: General: Outlines the need to address risks and opportunities to achieve ISMS objectives.
Clause 6.1.2: Information Security Risk Assessment: Requires a defined process for identifying, analyzing, and evaluating information security risks.
Clause 6.1.3: Information Security Risk Treatment: Mandates a process for selecting and implementing risk treatment measures.
ISO/IEC 27005:2022: Provides non-mandatory guidance on managing information security risks, offering templates and practical methods for risk identification, assessment, treatment, and communication.
These references ensure the risk management methodology is robust, compliant, and aligned with best practices.
