ISO 27001 Risk Register Template

An ISO 27001 risk register is a document that records and manages the information security risks within your organisation, in accordance with the requirements of the standard.

Your risk register will act as a central repository where you can track documents and identified risks to your information assets. The risk register will track details such as risk descriptions, risk likelihood, potential impacts, risk ratings, risk owners and more as you will see in the template.

Your ISO 27001 risk register will be crucial to supporting your organisation in identifying, assessing and continually managing risks in accordance with ISO 27001.

The key components of an ISO 27001 risk register include the following:

1. Risk description: A brief description of the risk.
2. Risk owner: The person or department responsible for managing the risk.
3. Risk score: A numerical value assigned to the risk based on its likelihood and impact.
4. Risk treatment plan: The plan for addressing the risk, including controls, mitigation measures, and contingency plans.
5. Residual risk: The risk that remains after the treatment plan has been implemented.

In addition to these components, the ISO 27001 risk register may also include the following:

6. Risk category: The category of the risk, such as technical, physical, or human.
7. Risk source: The source of the risk, such as internal or external.
8. Risk status: The current status of the risk, such as open, closed, or in progress.
9. Risk priority: The priority of the risk, based on its score and other factors.
10. Risk assessment date: The date on which the risk was assessed or updated.

It’s crucial to determine the likelihood and impact of a risk in your ISO 27001 risk register. You should ensure you consider the following steps:

1. Identify the risk: Identify the potential risks that could affect your organisation’s information security.
2. Assign a risk owner: Assign a person or department responsible for managing the risk.
3. Analyse the risk: Analyse the risk to determine the likelihood of it occurring and the impact it could have on your organisation’s information security.
4. Assign a risk score: Assign a numerical value to the risk based on its likelihood and impact.
5. Evaluate the risk: Evaluate the risk to determine if it is acceptable or if it requires treatment.
6. Develop a risk treatment plan: Develop a plan for addressing the risk, including controls, mitigation measures, and contingency plans.
7. Assign a residual risk score: Assign a new risk score after the treatment plan has been implemented.

An event-based approach to managing risks in ISO 27001 involves the identification and assessment of risks based on specific incidents or events that could potentially impact the confidentiality, integrity, or availability of an organisation’s information.

This method begins with the identification of potential events, considering both internal and external factors. Each identified event is then analysed to understand its potential consequences, taking into account the vulnerabilities and assets that may be affected.

Following this, a comprehensive risk assessment is conducted, evaluating the risks associated with each event based on its potential impact and likelihood. Subsequently, organisations develop risk treatment plans to address and mitigate the identified risks linked to specific events, implementing controls and measures to reduce the impact or likelihood of these incidents.

The process is dynamic and iterative, involving continuous monitoring for the occurrence of events and regular reviews and updates to the risk assessment in response to changes in the organisational environment. It is crucial to document the entire process, including identified events, risk assessments, and risk treatment plans, ensuring a systematic and well-documented approach to information security risk management in alignment with ISO 27001 guidelines.

The asset-threat-vulnerability approach to managing risks in ISO 27001 involves a systematic examination of an organisation’s information assets, the potential threats they face, and the vulnerabilities that could be exploited.

In this approach, the first step is to identify and classify the organisation’s information assets, ranging from data repositories to IT systems. Following this, potential threats, both internal and external, are systematically identified—these could include anything from human errors to malicious cyber-attacks.

Subsequently, a thorough analysis of vulnerabilities associated with the identified assets and potential threats is conducted. Vulnerabilities may include weaknesses in software, lapses in employee training, or inadequate physical security measures.

The focus then shifts to risk assessment, where the organisation evaluates the likelihood of a threat exploiting a vulnerability and the potential impact on the information asset. Risk treatment plans are developed to address and mitigate the identified risks, incorporating controls and measures to enhance the security posture of the assets. The process is iterative, requiring regular reviews and updates to adapt to changes in the organisational landscape.

This comprehensive approach ensures a nuanced understanding of information security risks by considering the interplay between assets, threats, and vulnerabilities, aligning with the principles of ISO 27001. It emphasises a proactive stance in safeguarding information assets from potential risks.