ISO 27001 risk assessment & treatment plan and excellent strategy to overcome gaps into the system.
1. We would like to enlist details of various risk assessment techniques.
2. How to decide on the right approach to conduct risk assessment.
3. Guidelines to select risk assessment methodology that that aligns with business goals
4. Process and standards to ensure an effective risk assessment methodology
5. The tough part of implementation of standards, categorization of assets
6. How Statement of Applicability plays a crucial role
7. Define threshold and risk acceptance plan
8. Different risk treatment options and management action
9. Protect your business by including a continuous improvement and review cycle of risk assessment in the information security management framework.
Businesses are full of risks, and to ensure competitive advantage in ever changing threat landscape to assist businesses achieve goals and meet objectives.
Organisation top management needs to be curious about the importance of risk assessment and being a part of the process to enhance effectiveness of the Information Security Management Systems’ Risk Assessment model.
Form an organisation structure specific to Information security risk management program rather than utilizing the same organisation structure aligned to business.
It is to have a difference of an appropriate corporate governance structure and IT governance model.
Once organisation structure is defined assign specific roles and responsibilities with the ISMS Org structure to best evaluate the risk management team.
The primary duties and roles of the team is to ensure and have best knowledge on how to identify assets, evaluate associated risks, and decide on a treatment plan.
In order to begin with the process, Risk Management’s primary goal is to select the right standard and framework that suits the business goals and mission.
Note the framework must be aligned with the business process and various departments within the organisation, as it should not be a burden to the specific point of contact assigned in each department to carry out governance activities.
There are several risk management standards available in the market, however the approach and methodology of implementation remains unaltered as-
1. Consider the ISO 27001: 2013 risk assessment methodology:
Direct a strict rule enforced on security controls assessment and standard operating procedure to be adhered while evaluating the risks.
It ensures a harmony in the process implementation and better visibility across organizations information security risk posture.
2. Risk assessment: Guidelines to Implement and Assess risks:
During the phase of implementation of the risk assessment framework ensure all designated owners and stakeholders are aware of the standard and execution steps.
Assess and categorize the assets based on a risk centric model or asset centric model of risk assessment.
Thoroughly assess and identify potential threats and vulnerabilities that could arise if the gap observed is exploited.
3. Document, Identify and Evaluate Risks:
Once completed collate all risks and define a threshold for the acceptable limit of risks a business can survive along with.
The risks not acceptable require to be treated with a defined plan of action and agreed stakeholders’ consent.
3. The Final Risk Report:
Usually people from a technical background hate this phase of writing documents and correcting it hundreds of times and management is never satisfied with the view, presentation format and justification given.
Anyways there are a lot of resources available on the web. Try to look out for a standard approach of reporting even if there are specific standards and guidelines on it.
4. Statement of Applicability:
This document is crucial as it summarizes the results of the risk treatment.
Statement of Applicability (SoA) plays a very important role as the certifying authority or bodies initially start with the scope of audit and proceed with the next steps.
5. Risk Management and Treatment Strategy:
This is the step where you must move from theory to practice, going from a purely theoretical job to showing some concrete results. You’ll need to define exactly who is going to
implement each control, in what timeframe, within what budget, etc.
Remember to notify the right stakeholder and business owners for the identified risks and the recommended risk treatment plan, since it is vital to have management insight on the report and approval to move ahead.
The phase of stakeholder’s consent is must as it will take all phases of risk assessment methodology and consumes high efforts, time, and resources as money to implement all the controls defined in standards.
Continued evaluation and a better governance model across Risk Management can deliver business with exactly what it needs to look for at the initial stage to impact the negative concerns that might have an impact on the growth of the business.
The very interesting fact of identifying risks makes risk management a complex job, but it is often misunderstood, and many organizations make this process even more difficult by adopting needless or extremely complex activities.