ISO 27001 takes a risk-based approach to developing and maintaining an organization's information security management system (ISMS). As such, it requires a thorough understanding of risk assessment processes and methodologies.

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The purpose of the risk assessment process in ISO 27001 is to identify and proactively mitigate the most notable threats to information security. In this guide, you’ll learn what this process looks like and how to complete it in six actionable steps.

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We’ll also address the most common questions organizations have regarding risk management under ISO 27001 to ensure you have all the information you need to meet this requirement without setbacks.

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What is ISO 27001 risk management?

As per ISO 27001 Clause 6, ISMS risk management consists of two components:

1. Risk assessment
2. Risk treatment

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Risk assessment specifics are outlined in Clause 6.1.2, which requires organizations to set up a risk assessment process that meets the following goals:

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• Establishing and maintaining information security risk criteria
• Ensuring that the assessment process is repeatable and produces consistent, valid, and comparable results
• Identifying and analyzing information security risks based on likelihood and impact (internal, external, third-party risks, etc.)
• Evaluating and prioritizing information security risks based on the pre-defined criteria

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After the assessment, ISO 27001 requires adequate risk treatment as outlined in Clause 6.1.3. As per the Clause, the treatment plan should include:

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• Adequate information security risk treatment options aligned with the risk assessment results
• The controls necessary to implement the selected treatment options
• A Statement of Applicability containing the necessary controls alongside the justification for their inclusion
• Whether the necessary controls are implemented alongside the justification for the exclusion of any ISO 27001 Annex A controls
• A formulated information security risk treatment plan with the risk owners’ approval

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{{cta_withimage2="/cta-modules"}}  | ISO 27001 compliance checklist

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When should you conduct a risk assessment under ISO 27001?

A risk assessment is a regular activity necessary for ongoing risk management. Still, it can be implemented at specific points, such as:

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• Before implementing ISO 27001 as a part of the certification process
• Before strategic business shifts and planned changes to the organization’s security landscape
• After security incidents
• Annually to stay on top of the organization’s risk profile and overall security posture

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How to conduct an ISO 27001 risk assessment

If you’re unsure how to do risk assessments under ISO 27001, use the following steps as a reference:

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1. Define and establish your risk assessment methodology
2. Identify and document information security risks and vulnerabilities
3. Analyze and prioritize risks
4. Implement the selected risk treatment options
5. Complete risk reports
6. Continually monitor and review your ISMS

Below, we’ll elaborate on each step.

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1. Define and establish your risk assessment methodology

The first risk assessment step for information security is to outline how you’ll measure and evaluate risk. There’s no one-size-fits-all methodology, so you’ll need to develop one based on industry best practices.

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Specifically, you should write an ISO 27001 risk assessment methodology that includes:

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• How you’ll identify and document ISMS vulnerabilities
• Who in your organization should own each risk
• How you’ll determine the likelihood of a risk and the impact it could have
• How you’ll rank and prioritize risks (e.g., using a scale)
• Which criteria you’ll use to determine what risks you will address and when based on the priority rankings

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As a rule of thumb, you should tailor the risk assessment methodology to your organization, especially regarding risk owners. It all comes down to the available resources and workforce, so consider these factors when outlining the methodology.

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2. Identify and document information security risks and vulnerabilities

After outlining the methodology, you need to identify all risks and vulnerabilities in your ISMS that could lead to security concerns. This is typically done in three steps:

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1. Create a list of all information assets (hardware, software, networks, etc.)
2. List the potential risks and threats associated with each asset
3. Bring this data together in a comprehensive risk register

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There isn’t a universal list of threats and vulnerabilities for ISO 27001—it all comes down to your IT infrastructure and broader risk landscape, but it’s important to account for all notable threats. 

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Beyond internal vulnerabilities, organizations should assess risks posed by third-party vendors. If your organization relies on external providers for cloud storage, IT services, or software development, their security posture directly impacts your ISMS and should be evaluated accordingly.

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One notable update to keep in mind relates to the impact of climate change on your ISMS. ISO 27001 requires you to account for the related risk if you believe climate change might affect information security.

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3. Analyze and prioritize risks

After building your risk register, use it to analyze and score each risk according to its probability and impact. The easiest way to do this is to use a risk assessment matrix, which highlights these two criteria on its axes to position all notable risks clearly.

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To create a matrix, you’ll need to outline the probability and impact scales, which can have three to five levels. For example, a five-level likelihood scale could look like this:

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1. Highly unlikely
2. Unlikely
3. Possible
4. Likely
5. Highly likely

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Ideally, you’ll also assign numerical values to different levels. Doing so makes it easier to score risks and prioritize them accordingly.

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{{cta_withimage2="/cta-modules"}}  | ISO 27001 compliance checklist

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4. Implement the selected risk treatment options

At this stage, you’ll move on from risk assessment to treatment. Examine each risk and see how to reduce its likelihood and impact through the applicable ISO 27001 Annex A controls.

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As you do so, document each risk's treatment options and corresponding controls. You’ll need these records to complete the Statement of Applicability, so map risk treatment to the relevant controls as clearly as possible.

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5. Complete risk reports

Your ISO 27001 certification auditor will need to see evidence of a completed risk assessment and treatment planning, typically provided through three reports:

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1. Risk assessment report with the relevant results
2. Risk summary that justifies risk selection and prioritization
3. Risk treatment plan with the corresponding controls

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After compiling these reports, ensure that management reviews them and approves the risk treatment plan before initiating the audit process.

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6. Continually monitor and review your ISMS

Risk management is an ongoing process that involves regular reassessments and corresponding adjustments to the treatment plan. To maintain your certificate, you’ll need to conduct risk assessments at least annually—set up a repeatable process to meet this requirement more effortlessly.

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Most importantly, you should have a centralized documentation solution that lets you track any changes to your risk profile in real time (or at least near real time). This way, you can streamline reassessments and stay on top of your ISMS.

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Instead of relying on manual audits, consider implementing automated monitoring tools that continuously track risk changes. Automation helps identify emerging threats in real time, allowing for quicker response times and reducing compliance fatigue.

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Streamline ISO 27001 risk assessments with Vanta

Vanta is a comprehensive compliance and trust management platform that automates up to 80% of ISO 27001 compliance processes—including risk assessments. The platform’s dedicated ISO 27001 product comes with helpful features focused on streamlining risk management, including:

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• Integrated risk management features built around ISO 27005 guidelines
• Centralized compliance documentation to replace disparate systems
• Automated evidence collection supported by 375+ integrations
• Checklists, templates, and tests for developing and implementing your ISMS 

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To further streamline the risk assessment process, you can use Vanta’s Risk Management product. It offers a rich risk library with common risk scenarios and corresponding controls, automated risk scoring, and other features that replace manual work to speed up assessments.

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Schedule a custom product demo to see how to improve your risk assessment process with Vanta.

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FAQs

Which risk assessment methodology goes well with ISO 27001?

ISO 27001 allows flexibility when choosing a risk assessment methodology based on your organization’s needs and risk profile. Here are seven commonly used risk assessment methodologies:

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1. Quantitative
2. Qualitative
3. Semi-quantitative
4. Asset-based
5. Scenario/Threat-based
6. Vulnerability-based
7. Dynamic

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You can also combine multiple methodologies for a comprehensive view of your risk landscape.

How to write an ISO 27001 risk assessment report?

To write an ISO 27001 risk assessment report, gather all the results of your assessment and summarize the most notable threats you plan to address. Then, use the risk treatment plan to assign the right remediation activities to each selected risk.

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How to draft a risk assessment policy for ISO 27001?

Use ISO 27001 Clause 6.1.2 as a reference point when writing the risk assessment policy. Focus particularly on the requirement to create a repeatable assessment process that provides consistent, valid, and comparable results. Alternatively, you can leverage a GRC solution that offers a pre-built Risk Management Policy template tailored to ISO 27001 to ensure alignment with the standard.

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How to simplify document management for ISO 27001?

You can streamline evidence collection and document management through a dedicated ISO 27001 compliance solution. The right platform should also automate the process to remove time-consuming and laborious work.

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