Risk Assessment
A structured process for identifying, analyzing, and evaluating information security risks. Risk assessments determine the likelihood and potential impact of threats to an organization's information assets, guiding decisions about which controls to implement.
Risk assessment is a foundational activity in virtually every compliance and information security framework. In ISO 27001, risk assessment drives the entire control selection process — the Statement of Applicability and control implementation decisions all flow from the risk assessment results.
A typical risk assessment involves several steps. First, organizations identify their information assets and the threats and vulnerabilities associated with each. Then, they evaluate each risk based on its likelihood of occurrence and potential impact. Finally, they decide how to treat each risk: mitigate it by implementing controls, accept it if the risk level is tolerable, transfer it through insurance or outsourcing, or avoid it by eliminating the activity that creates the risk.
Risk assessments should not be a one-time exercise. ISO 27001 requires organizations to review and update their risk assessments regularly and whenever significant changes occur — such as new systems, new business processes, or changes in the threat landscape. SOC 2 and GDPR also require ongoing risk management, though they express it through different mechanisms. The key is making risk assessment a continuous practice rather than an annual checkbox activity.
Related terms
Compliance Gap Analysis
A structured assessment that compares an organization's current security posture and practices against the requirements of a specific compliance framework. Gap analysis identifies areas where the organization falls short and helps prioritize remediation efforts.
Control Objective
A statement describing what a specific security control is intended to achieve. Control objectives define the desired outcome — such as preventing unauthorized access or ensuring data integrity — while allowing organizations flexibility in how they implement the control to meet that objective.
Information Security Management System
A systematic framework of policies, processes, and controls that an organization establishes to manage and protect its information assets. An ISMS addresses people, processes, and technology to ensure the confidentiality, integrity, and availability of information.
Statement of Applicability
A key ISO 27001 document that lists all 93 Annex A controls and states whether each is applicable to the organization, along with justification for inclusion or exclusion and a description of how applicable controls are implemented.
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