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Documenting risk assessments is a systematic process whereby you record identified risks, their impact, likelihood and treatment measures in a structured format. Good documentation ensures traceability, compliance with standards such as ISO 27001 and effective risk management within your organisation.
What is a risk assessment and why do you need to document it?
A risk assessment within information security is the systematically identify and evaluate of threats that could affect the confidentiality, integrity or availability of information. Documentation is essential for compliance, audits and demonstrating a structured approach to risk management.
Within information security, risk assessment forms the basis of any management system. You identify potential threats, assess their impact on your organisation and determine what measures are needed. This systematic approach helps you prioritise and deploy resources effectively.
Documentation of risk assessments is legally required by various standards frameworks. ISO 27001 explicitly states that organisations must document and maintain their risk assessment process. The AVG also requires organisations to demonstrate how they deal with privacy risks. Healthcare institutions are also subject to the NEN 7510 standard, which has specific requirements for documenting information security risks.
The importance of documentation goes beyond compliance alone. Documented risk assessments allow you to justify decisions, monitor progress and transfer knowledge within your organisation. Moreover, during audits, auditors can only assess what is actually recorded.
What elements should you include in a documented risk assessment?
A complete documented risk assessment contains at least risk identification, impact and likelihood analysis, risk treatment measures and clear responsibilities. These elements ensure a complete and traceable risk assessment that meets audit requirements.
Risk identification is the starting point of any assessment. Describe each risk clearly and specifically, e.g. “unauthorised access to customer data via weak passwords” rather than general terms such as “cyber risk”. Also state the source of the risk and which assets are involved.
The impact and likelihood analysis provides insight into the severity of each risk. Use a consistent scale, e.g. low-medium-high or numerical values of 1-5. Describe concrete consequences such as financial damage, reputational damage or operational disruption. Express the probability as the chance of the risk occurring within a certain period of time.
Risk management measures show how you deal with each risk. You can accept, avoid, reduce or transfer risks. For each risk, document which measure you choose and why. For risk mitigation, describe specific control measures and their expected effect.
Responsibilities and ownership are crucial for effective risk management. Designate an owner for each risk who is responsible for monitoring and any additional measures. Also document who is involved in implementing control measures.
How to create an effective risk register for your organisation?
An effective risk register starts with the choosing an appropriate tool and structure that suits your organisation. Start with a simple format such as a spreadsheet or specialised software, and make sure you have clear columns for all essential risk information.
The choice of documentation tools depends on your organisation size and complexity. Small organisations can often suffice with a well-structured Excel file, while larger organisations benefit from specialised GRC (Governance, Risk & Compliance) software. More important than the tool is that everyone can work with it and that the information remains accessible.
A logical structure for your risk register includes columns for risk ID, description, category, owner, probability, impact, risk level, treatment method, control measures, status and review date. Use consistent categories such as technical risks, organisational risks and external risks to maintain overview.
Maintaining up-to-date risk information requires regular reviews and updates. Schedule monthly or quarterly reviews in which you add new risks, reassess existing risks and archive completed risks. Ensure that risk owners proactively monitor their risks and report changes.
Version control and backups are essential for a reliable risk register. Keep track of who made what changes, when, and keep regular copies. This prevents loss of information and makes it possible to track the development of risks over time.
What are common mistakes when documenting risk assessments?
Many organisations make mistakes such as incomplete documentation, unclear risk descriptions and lack of regular updates. These pitfalls lead to ineffective risk management and problems during audits. Fortunately, these mistakes are avoidable with the right approach.
Incomplete documentation is a common mistake, with organisations recording only the major risks or omitting essential information. Any risk assessment should include all identified risks, including those with a low risk level. Missing information on control measures or responsibilities makes it impossible to manage risks effectively.
Unclear risk descriptions such as “IT risk” or “privacy problem” do not provide insight into the real threat. Specific descriptions help determine effective measures. For example, write “phishing attacks via e-mail can lead to compromise of user accounts” instead of general terms.
Lack of traceability occurs when changes are not documented or when the link between risks and control measures is unclear. Keep track of why certain decisions were made and how risks evolve over time. This helps justify choices during audits.
Missing updates quickly render risk registers worthless. Risks change due to new threats, technological developments or organisational changes. Schedule structural reviews and make sure the risk register remains a living document that reflects the real situation.
Professional support can help avoid these pitfalls. At ISO 27001 certification we guide organisations in setting up effective risk assessment processes. Our experienced auditors will help you develop a sound risk management approach that meets all standard requirements. Want to know how we can support you in documenting risk assessments? Get in touch with us for an informal discussion.
Frequently Asked Questions
How often should you update a risk assessment according to ISO 27001?
ISO 27001 does not require a specific frequency, but risk assessments should be kept up to date. Schedule at least annual reviews and update immediately in case of significant changes in your organisation, IT infrastructure or threat landscape.
What is the difference between a risk inventory and risk assessment?
A risk inventory identifies potential risks, while a risk assessment analyses these risks for impact and likelihood. The assessment goes further by identifying and prioritising treatment measures.
What information should you keep when archiving old risk assessments?
Keep at least the original assessment, change history, measures taken and closure reason. This documentation is important for audits and shows the development of your risk management.
How do you determine whether a risk is acceptable to your organisation?
Set risk thresholds based on your organisation's risk appetite and business objectives. Risks below this threshold are acceptable, those above it require additional control measures or other treatment.
