Step 8 of the ISO 27001 implementation process involves executing the risk assessment, putting into action the risk management methodology established in Step 7. This critical step identifies, analyzes, and evaluates risks to the Information Security Management System (ISMS) and its assets, focusing on threats to confidentiality, integrity, and availability. By generating a prioritized list of risks compared against predefined acceptance criteria, this step provides a comprehensive overview of the organization’s risk exposure. The output serves as the foundation for the risk treatment activities in Step 9, marking a significant milestone in achieving ISO 27001 compliance.
Required Activities and Tasks
This step involves a cohesive set of activities to systematically assess risks using the methodology defined previously. These activities ensure a thorough understanding of threats, vulnerabilities, and their potential impact:
Identify Threats and Existing Controls: Catalog potential threats that could harm the organization’s information assets and document existing controls already in place to protect the ISMS.
Analyze Risks and Vulnerabilities: Assess the inherent vulnerabilities that could enable threats, determine the likelihood and impact of risk scenarios, and estimate their potential consequences.
Evaluate and Prioritize Risks: Compare identified risks against the organization’s risk acceptance criteria, prioritizing them based on their severity to guide subsequent treatment actions.
The milestone for this step is the completion of a comprehensive risk assessment, providing the organization with a clear and documented overview of its risk exposure.
Deliverables of This Step
The outputs of Step 8 provide a structured foundation for managing information security risks:
Risk Assessment Results: A detailed documentation listing identified risks, their likelihood, impact, and prioritization based on the risk acceptance criteria.
These deliverables ensure the organization has a clear understanding of its risk landscape, enabling informed decisions in the next step of risk treatment.
Normative References
This step is guided by specific ISO 27001 clauses that outline the requirements for risk assessment:
Clause 6.1.2: Information Security Risk Assessment: Defines the need to establish a risk assessment process tailored to the organization, focusing on risks to confidentiality, integrity, and availability.
Clause 8.2: Information Security Risk Assessment: Mandates the execution of the risk assessment process, documenting the results to support risk treatment and ISMS compliance.
These clauses ensure the risk assessment is systematic, documented, and aligned with ISO 27001 standards.
