What is information security risk management?
Information security risk management is a repeatable process for deciding what could expose, lose or disrupt your data and systems, how serious it is, and what you will do about it. Most compliance frameworks start here: controls are selected based on risk, and auditors check that those decisions are justified.
The 5-step risk management process
Define scope and assets
List in-scope systems, data, processes, suppliers and owners.
Identify and analyze risks
Identify threats and vulnerabilities, then rate likelihood and impact against agreed criteria.
Evaluate and prioritize
Compare risk levels against risk appetite to decide what to treat first.
Treat risks
Choose mitigate, accept, transfer or avoid; assign controls, owners and deadlines.
Monitor and reassess
Track residual risk and control evidence, and review periodically or on significant change.
Which frameworks require risk management?
| Framework | Risk requirement |
|---|---|
| ISO 27001:2022 | Clauses 6.1.2 (risk assessment), 6.1.3 (risk treatment, SoA), 8.2 and 8.3 (ongoing performance) |
| SOC 2 | CC3 (Risk Assessment) criteria in the Trust Services Criteria |
| PCI DSS v4.0 | Requirement 12.3.1: targeted risk analysis |
| HIPAA | §164.308(a)(1)(ii)(A) Risk Analysis and (B) Risk Management |
| ISO 42001 | Clauses 6.1.2 (AI risk assessment), 6.1.3 (treatment), 6.1.4 (AI system impact assessment) |
| GDPR | Article 32 (risk-based security) and Article 35 (DPIA) |
What belongs in a risk register?
How pTrackly supports risk management
pTrackly scans connected systems for control gaps and generates risk entries with asset mappings, likelihood ratings and suggested treatments. Your assessor validates rather than builds.
Risk treatment plans, the Statement of Applicability and evidence sit in the same workspace as the frameworks you are implementing.
Track supplier and third-party risk alongside internal risk.
AI system inventory, AI risk assessment and monitoring workflows for companies building AI products.
Frequently Asked Questions
What is information security risk management?
A repeatable process to identify information assets, threats and vulnerabilities, assess likelihood and impact, choose a treatment, then monitor and reassess. It is a core requirement of ISO 27001 and appears in SOC 2, PCI DSS, HIPAA and ISO 42001.
What does ISO 27001 require for risk assessment?
ISO 27001:2022 requires a risk assessment process with defined criteria that produces consistent results (clause 6.1.2), a risk treatment process leading to the Statement of Applicability (6.1.3), and performing assessment and treatment at planned intervals or when significant changes occur (8.2, 8.3).
What goes into a risk register?
At minimum: the related asset or process, risk description, risk owner, likelihood, impact, risk level, treatment option (mitigate, accept, transfer, avoid), linked controls, residual risk and review date.
How often should risks be reassessed?
ISO 27001 requires reassessment at planned intervals and when significant changes occur, such as new systems, new suppliers or incidents. Many companies run a full annual review and review critical risks quarterly.
How does pTrackly support risk management?
pTrackly scans connected systems for control gaps and generates risk entries with asset mappings, likelihood ratings and suggested treatment options. Your risk assessor validates rather than builds from scratch. Risks link to the controls and evidence of the frameworks pTrackly supports.
