In alignment with ISO 27001, maintaining a detailed and accurate Risk Register is essential for an
organisation's Information Security Management System (ISMS). de.iterate’s Risk Register helps in
identifying and managing risks to safeguard assets effectively.
Understanding the fields in the Risk Register is crucial for ensuring the integrity and effectiveness of your ISMS. Here, we explain the key fields in our Risk Register form, structured to maintain compliance.
Risk Description: This field should clearly articulate the nature of the risk. A concise yet comprehensive description helps in understanding the scope and implications of the risk.
Risk Category: Classifies the risk according to its nature and source, such as Strategic, Operational, Financial, Compliance or Project. This helps in aligning the risk with the appropriate management
strategy.
Business Unit: Identifies the department or unit within the organisation that is either impacted by or responsible for managing the risk. This ensures that risk responsibilities are appropriately assigned.
Risk Owner: The individual accountable for managing the risk and ensuring that appropriate measures are taken to mitigate it. The risk owner is typically someone in a management position who has the authority to manage the risk.
Inherent Risk: Represents the level of risk before any controls are applied. This assessment helps in understanding the natural level of exposure to the risk.
Last Review Date: The date when the risk was last reviewed. Regular reviews are critical to ensure
that the risk management approach remains relevant and effective.
Next Review Date: Scheduled date for the next risk review. This ensures ongoing attention to and assessment of the risk.
Inherent Likelihood: Assesses how likely the risk is to occur without considering any implemented controls. This assessment is crucial for risk evaluation and prioritisation.
Inherent Consequences: Describes the potential impact on the organisation if the risk were to
materialise without any controls in place. This helps in prioritising risks based on their potential impact.
Consequence Type: Specifies the nature of the impact, such as Financial, Reputational, Strategic, Regulatory, or Customer Experience. Understanding the type of consequence aids in tailoring specific risk treatment measures.
Control Effectiveness: Evaluates how effectively the implemented controls are managing the risk.
Residual Risk: The level of risk remaining after all controls have been applied. This rating helps in determining whether additional measures are needed. Your Risk Management Framework will have details about what your Residual Risk will be, based on the Control Effectiveness.
Target Risk: The desired level of risk the organisation aims to achieve after implementing additional controls. This guides the risk treatment process.
Treatment Required: Indicates whether the risk requires further treatment beyond the existing controls. This is a crucial decision point in the risk management process.
Response: The strategy chosen to manage the risk. Responses include 'Treat', 'Transfer', 'Mitigate', or
'Accept'.
Controls Implemented: Select any existing controls from your Statement of Applicability that are in place to mitigate the risk. This information is crucial for assessing the effectiveness of current risk management strategies.
