Risk Assessment template for ISO 27001

Risk Assessment template for ISO 27001

Risk Assessment template for ISO 27001
Risk Assessment template for ISO 27001

 Free Risk Assessment template for ISO 27001

An ISO 27001 risk assessment helps organizations identify, analyze and evaluate weaknesses in their information security processes.

Do you want to know how to get your ISO 27001 risk assessment process right? 

In this blog, we take a look at five things you can do to get started.

1-Establish a risk management framework:
These are the rules governing how you intend to identify risks, to whom you will assign risk ownership, how the risks impact the confidentiality, integrity and availability of the information, and the method of calculating the estimated impact and likelihood of the risk occurring. 

A formal risk assessment methodology needs to address four issues and should be approved by top management:
  • Baseline security criteria 
  • Risk scale 
  • Risk appetite 
  • Scenario- or asset-based risk assessment

2-Identify risks:
Identifying the risks that can affect the confidentiality, integrity, and availability of information is the most time-consuming part of the risk assessment process. IT Governance recommends following an asset-based risk assessment process. Developing a list of information assets is a good place to start. It will be easiest to work from an existing list of information assets that includes hard copies of information, electronic files, removable media, mobile devices, and intangibles, such as intellectual property.

3-Analyze risks:
Identify the threats and vulnerabilities that apply to each asset. For instance, the threat could be ‘theft of mobile device’, and the vulnerability could be ‘lack of formal policy for mobile devices’. Assign impact and likelihood values based on your risk criteria.

4-Evaluate risks: 
You need to weigh each risk against your predetermined levels of acceptable risk, and prioritize which risks need to be addressed in which order.

5-Select risk treatment options: 
There are four suggested ways to treat risks:
  • ‘Avoid’ the risk by eliminating it entirely 
  • ‘Modify’ the risk by applying security controls 
  • ‘Share’ the risk to a third party (through insurance or outsourced) 
  • ‘Retain’ the risk (if the risk falls within established risk acceptance criteria)

ISO 27001 risk register template in Excel

A risk register is an important risk analysis tool used in enterprise risk management, financial risk management, IT risk management, and project management. The International Organization for Standardization (ISO) publication 73:2009, Risk management—Vocabulary defines “risk register” as “a record of information about identified risks.”

Often used for regulatory compliance, risk registers also help project managers stay abreast of project risks. To develop a risk register, risk managers collect and list every bit of information they can find about every identified risk including its level of urgency, priority for a response should the risk become a threat, and what those responses should be. Risk team members usually work together to create the risk register.

ISO 27001 risk register template in Excel
ISO 27001 risk register template in Excel
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Reference: it governance usa

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