ISO27001 specifies that only once you have completed the risk assessment can you move on to the selection of controls. There are four control selection choices in what is known as ‘risk treatment’.
The four risk treatment decisions that can be made are:
• Accept the risk
• Eliminate the risk by work-around or other arrangements
• Control the risk to bring it to an acceptable level
• Transfer it to a third party (eg, via insurance)
The criterion that is used in making the decision is simple: either the risk is within the organization’s pre-determined, board-approved risk tolerance level, in which case it is accepted, or it is not, in which case it must be avoided, controlled or transferred. ...