Improve your organization's security with our ISO 27001 Risk Assessment Template, a systematic workflow for identifying, managing, and mitigating risks.
1
Define the Context of the Risk Assessment
2
Identify Relevant Assets
3
Identify Potential Threats to Each Asset
4
Identify Vulnerabilities Linked to Each Asset
5
Determine Potential Impact of Risk
6
Evaluate the Probability of Each Risk
7
Calculate the Risk Levels
8
Approval: Risk Evaluation
9
Identify Risk Management Options
10
Select Preferred Risk Management Method
11
Develop Risk Management Implementation Plan
12
Implement Risk Management Plan
13
Monitor and Review the Effectiveness of the Plan
14
Approval: Risk Management Plan Review
15
Document and Maintain a Risk Register
16
Conduct Regular Risk Assessment Reviews
17
Update Risk Management Plan as Necessary
18
Approval: Updates of Risk Management Plan
19
Provide Risk Assessment Training
20
Audit to Check Compliance with ISO 27001
Define the Context of the Risk Assessment
This task involves defining the context of the risk assessment. It helps establish the scope, boundaries, and objectives of the risk assessment process. By understanding the context, you can effectively identify, evaluate, and manage the risks. Consider the organization's goals, stakeholders, regulatory requirements, and cultural environment. What is the specific context in which the risk assessment will be conducted?
Identify Relevant Assets
In this task, you will identify the assets that are relevant to the risk assessment. Assets can include physical, informational, or intangible items that are valuable to the organization. By identifying these assets, you can focus on assessing the risks associated with them. What are the assets that need to be considered for the risk assessment?
1
Hardware
2
Software
3
Data
4
Employees
5
Processes
Identify Potential Threats to Each Asset
Identifying potential threats to each asset is crucial for a comprehensive risk assessment. These threats can come from internal or external sources and can cause harm or damage to the assets. By identifying these threats, you can assess their likelihood and potential impact on the assets. What are the potential threats to each asset?
1
Hardware: Physical theft or damage
2
Software: Malware or hacking
3
Data: Unauthorized access or loss
4
Employees: Insider threats or negligence
5
Processes: Operational failures or errors
Identify Vulnerabilities Linked to Each Asset
Vulnerabilities are weaknesses or gaps in the security measures that protect assets. In this task, you will identify vulnerabilities linked to each asset. By understanding these vulnerabilities, you can assess the risks associated with them and plan appropriate risk management strategies. What are the vulnerabilities linked to each asset?
1
Hardware: Lack of physical security measures
2
Software: Outdated or unpatched systems
3
Data: Weak access controls
4
Employees: Lack of awareness or training
5
Processes: Inadequate documentation or controls
Determine Potential Impact of Risk
In this task, you will determine the potential impact of each risk identified in the previous tasks. The impact can be assessed in terms of financial, operational, reputational, or legal consequences. By understanding the potential impact, you can prioritize the risks and allocate appropriate resources for risk management. What is the potential impact of each risk?
1
Risk 1: Financial loss
2
Risk 2: Operational disruption
3
Risk 3: Reputational damage
4
Risk 4: Legal implications
5
Risk 5: Customer dissatisfaction
Evaluate the Probability of Each Risk
Evaluating the probability of each risk is essential for assessing the likelihood of it occurring. In this task, you will assess the probability of each risk identified in the previous tasks. This assessment can be based on historical data, expert judgment, or other relevant sources. What is the probability of each risk occurring?
1
Risk 1: Low
2
Risk 2: Medium
3
Risk 3: High
4
Risk 4: Medium
5
Risk 5: Low
Calculate the Risk Levels
Calculating the risk levels involves combining the potential impact and probability of each risk. By assigning risk levels, you can prioritize the risks and develop appropriate risk management strategies. This task requires evaluating the impact and probability of each risk identified in the previous tasks. What is the risk level for each identified risk?
1
Risk 1: Low
2
Risk 2: Medium
3
Risk 3: High
4
Risk 4: Medium
5
Risk 5: Low
Approval: Risk Evaluation
Will be submitted for approval:
Calculate the Risk Levels
Will be submitted
Identify Risk Management Options
Identifying risk management options is crucial for developing effective risk mitigation strategies. In this task, you will consider various options such as risk avoidance, risk transfer, risk acceptance, or risk mitigation. By identifying these options, you can select the most appropriate methods to manage the identified risks. What are the risk management options for each identified risk?
1
Risk 1: Risk transfer through insurance
2
Risk 2: Risk mitigation through security controls
3
Risk 3: Risk avoidance through process change
4
Risk 4: Risk acceptance with contingency plans
5
Risk 5: Risk mitigation through employee training
Select Preferred Risk Management Method
After identifying the risk management options, you need to select a preferred method for each identified risk. This method may involve a combination of risk mitigation strategies. By selecting the preferred risk management method, you can focus on implementing the necessary measures. What is the preferred risk management method for each identified risk?
1
Risk 1: Risk mitigation through security controls
2
Risk 2: Risk avoidance through process change
3
Risk 3: Risk acceptance with contingency plans
4
Risk 4: Risk mitigation through employee training
5
Risk 5: Risk transfer through insurance
Develop Risk Management Implementation Plan
In this task, you will develop a risk management implementation plan. This plan should outline the specific actions, timelines, responsibilities, and resources required to implement the preferred risk management methods. By having a detailed plan, you can ensure effective implementation and monitoring of the risk management strategies. What are the specific actions, timelines, responsibilities, and resources required for implementing the risk management strategies?
Implement Risk Management Plan
Implementing the risk management plan involves executing the actions outlined in the previous task. This task requires coordination with relevant stakeholders and allocation of necessary resources. By implementing the risk management plan, you can mitigate or eliminate the identified risks. What actions are being taken to implement the risk management plan?
Monitor and Review the Effectiveness of the Plan
Monitoring and reviewing the effectiveness of the risk management plan is crucial for ensuring its overall success. This task involves regularly assessing the implemented measures, identifying any gaps or issues, and making necessary adjustments. By monitoring and reviewing the plan, you can maintain a proactive approach to risk management. How will you monitor and review the effectiveness of the risk management plan?
Approval: Risk Management Plan Review
Will be submitted for approval:
Develop Risk Management Implementation Plan
Will be submitted
Implement Risk Management Plan
Will be submitted
Monitor and Review the Effectiveness of the Plan
Will be submitted
Document and Maintain a Risk Register
Documenting and maintaining a risk register is essential for managing risks over time. This register should capture all the identified risks, their levels, management methods, and any additional information. By maintaining a risk register, you can track the progress, updates, and changes related to the risk management process. What information should be included in the risk register?
Conduct Regular Risk Assessment Reviews
Conducting regular risk assessment reviews ensures that the risk management process remains up to date and aligned with the organization's evolving needs. This task involves scheduling and conducting periodic reviews of the risk assessment process. By conducting these reviews, you can identify new risks, assess the effectiveness of current measures, and make necessary improvements. How often will you conduct risk assessment reviews?
1
Annually
2
Semi-annually
3
Quarterly
4
Monthly
5
Biweekly
Update Risk Management Plan as Necessary
Updating the risk management plan is necessary to address any changes, new risks, or improvements identified during the assessment reviews. This task involves reviewing the existing plan, incorporating the necessary updates, and communicating them to relevant stakeholders. By updating the risk management plan, you can maintain an agile and effective approach to risk management. What updates are needed in the risk management plan?
Approval: Updates of Risk Management Plan
Will be submitted for approval:
Update Risk Management Plan as Necessary
Will be submitted
Provide Risk Assessment Training
Providing risk assessment training is crucial for ensuring that all stakeholders understand the risk assessment process and their roles in it. This task involves developing and delivering training sessions or materials to educate the relevant individuals. By providing training, you can foster a risk-aware culture and promote effective risk management practices. Who needs to receive risk assessment training?
1
Employees
2
Managers
3
Board Members
4
IT Staff
5
Contractors
Audit to Check Compliance with ISO 27001
Conducting an audit to check compliance with ISO 27001 ensures that the risk assessment process aligns with the international standards. This task involves planning and executing an audit to assess the effectiveness and compliance of the risk assessment activities. By conducting the audit, you can validate the adherence to ISO 27001 requirements and identify areas for improvement. What is the audit plan for checking compliance with ISO 27001?
