BIZOPS-1 Risk Management

What is BIZOPS-1 Risk Management Control?

The risk management control talks about the processes to identify, evaluate, analyze, and remediate the risks, which must be documented. This process must involve the executive leadership and those responsible for the security and privacy of the data.

At TrustCloud, we get you started with a policy to update at your discretion.

Available tools in the marketplace

Tools

No tool recommendation is made for this section.

Available templates

TrustCloud has a curated list of templates, internally or externally sourced, to help you get started. Click on the link for a downloadable version:

• Here is a best practice from NIST in documenting a risk management framework
• TrustCloud Risk Management Policy (search for this template in your TrustOps program)

Control implementation

To implement this control,

The following steps must be considered:

1. Assign a dedicated team or personnel responsible for coordinating the assessment and performing the assessment.
2. Define the internal factors (turnover, vendor risks, etc.) or external factors (economic changes, global catastrophes, regulatory changes) relevant to the organization.
3. Define and document the process for identifying risks.
4. Define and document the process for analyzing risks.
5. Define and document the process for remediating risks.
6. Assign an owner to each remediation and track resolution.
7. Define the frequency of the risk assessment process.

For SOC 2:

• After all the above steps, including documentation of the organization’s goals for the year or period, SOC 2 evaluates how the organization’s goals and objectives are integrated into the identification of potential risks that could affect the company’s goals.

For HIPAA security:

• All the above steps, including documentation of the impact of the disclosure of PHI (Protected Health Information), are part of the identification of risks. HIPAA evaluates how the impact of PHI disclosure is captured in your risk assessment and how you plan to mitigate this risk.

For ISO 27001:

• All the above steps, including documentation of the expectations of internal and external stakeholders, are part of the identification of risks process. ISO 27001 evaluates how the demands of your internal and external stakeholders are captured in your risk assessment.

For Privacy (GDPR, ISO 27701, CCPA):

• After all the above steps, including documentation of the privacy risks as part of the identification of risks process, privacy frameworks evaluate how privacy risks are captured in your risk assessment and how you plan to mitigate those risks.

What evidence do auditors look for?

Most auditors, at a minimum, are looking for the below-suggested action:

1. Upload the risk management policy that includes the last revision date.

Evidence example

For the suggested action, an example is provided below:

1. TrustCloud Risk Management Policy Template (search for this template in your TrustOps program).
   A template provided serves as an example of evidence.