Risk Management · Preparation Kit

Risk Management Framework Readiness

Risk management framework preparation materials, from risk assessment methodology, risk register, to risk treatment plans. Applicable to ISO 27001, SOC 2, and other frameworks.

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1. Risk Assessment Methodology

  • □ Choose assessment method: qualitative vs quantitative
  • □ Define risk criteria: likelihood scale (1-5) and impact scale (1-5)
  • □ Risk appetite statement, organizational risk tolerance level
  • □ Document methodology in Risk Management Policy

2. Asset Inventory

  • □ List all information assets: data, systems, people, facilities
  • □ Classify assets by criticality: high / medium / low
  • □ Identify asset owner for each asset
  • □ Update asset register periodically

3. Risk Identification

  • □ Identify threats: external (hackers, natural disasters) and internal (human error, malicious insider)
  • □ Identify vulnerabilities: technical weaknesses, process gaps, policy violations
  • □ Map threats → vulnerabilities → assets
  • □ Use threat modeling frameworks: STRIDE, PASTA, attack trees

4. Risk Analysis & Evaluation

  • □ Assess likelihood: probability of threat exploiting vulnerability
  • □ Assess impact: confidentiality, integrity, availability, financial, reputational
  • □ Calculate risk score: likelihood × impact
  • □ Determine risk level: critical / high / medium / low
  • □ Prioritize risks requiring immediate treatment

5. Risk Treatment Plan

  • □ Choose treatment option: mitigate / accept / transfer / avoid
  • □ Mitigate: implement controls to reduce likelihood or impact
  • □ Accept: document risk acceptance with senior management approval
  • □ Transfer: purchase insurance or outsource
  • □ Avoid: cease activity causing the risk
  • □ Assign owner, deadline, and status for each treatment action

6. Risk Monitoring & Review

  • □ Re-assess risks at least annually or when major changes occur
  • □ Track treatment plan completion, who's doing what, how many risks remain
  • □ Report risk status to senior management periodically
  • □ Update Risk Register when new risks emerge or existing risks change

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