What is the ISO 27001 risk assessment process?

ISO 27001 requires a formal risk assessment to identify information security risks and determine treatment. The process involves defining risk acceptance criteria, identifying threats and vulnerabilities, assessing likelihood and impact, and evaluating which risks require treatment. Organizations then select controls from Annex A or elsewhere to mitigate, transfer, accept, or avoid each risk. Risk assessments must be reviewed at planned intervals and when significant changes occur.