Risk Management Policy

The Risk Management Policy (P06) provides a rigorous, organization-wide framework for the identification, analysis, evaluation, and treatment of information security risks. Its purpose is to operationalize risk-based principles to protect the confidentiality, integrity, and availability of information assets, and to embed information security risk management into all levels of decision-making. The policy ensures that both internal strategic objectives and external regulatory requirements are met, making it a foundational component of the Information Security Management System (ISMS). Specifically, the policy fulfills the requirements of ISO/IEC 27001:2022 Clause 6.1, ISO 31000:2018 principles, and matches the detailed methodologies of ISO/IEC 27005. The policy's scope is comprehensive, applying to all business units, processes, personnel, information systems (physical, digital, and cloud-hosted), and third parties involved with information assets. Every stage where risk might be introduced, such as new projects, system implementations, changes in architecture, onboarding suppliers, incident response, and regular reviews, falls under this policy's domain. This unified approach ensures that no information security risk is overlooked, whether it emerges from business changes, technology updates, or external partnerships. Responsibilities are clearly delineated. Executive Management defines the risk appetite and approves risk treatments for residual risks above tolerance thresholds. ISMS Managers or Risk Officers own the framework, ensuring policy alignment, leading risk assessments, and maintaining the central Risk Register and Treatment Plan. Risk Owners and Information Security Teams identify, assess, and treat risks for specific assets or processes. Internal Audit and Compliance Teams validate the efficacy and traceability of risk management activities, triggering corrective actions for gaps or violations. This clear governance structure ensures rigorous oversight and effective escalation of unacceptable risks. Governance requirements mandate the maintenance of a central Risk Register documenting all known risks, their owners, scores, treatment plans, and control linkages. Risk assessments must follow documented methodologies, including asset classification, threat mapping, and evaluation of controls. The Statement of Applicability (SoA) is kept current to trace treatment decisions and control status. Risk treatment options (avoid, transfer, accept, reduce) are formally documented, and exceptions to procedures are strictly controlled, requiring higher level approvals with justification and timelines. Regular monitoring, key risk indicators, and risk dashboards support effective reporting to senior leadership. Enforcement is a core feature: non-compliance is subject to disciplinary measures, and the ISMS Manager along with Audit regularly reviews completeness, traceability, and timeliness of risk management activities. The policy is reviewed at least annually, or after significant incidents or organizational changes, ensuring it remains current with evolving business needs and regulatory landscapes. This structured approach directly supports accountability, transparency, and continuous improvement in information security risk management, making it integral to overall organizational resilience.