Based on scenario 2, the team decided to involve interested parties in risk management activities. Is this a good practice?

Scenario 2: Travivve is a travel agency that operates in more than 100 countries. Headquartered in San Francisco, the US, the agency is known for its personalized vacation packages and travel services. Travivve aims to deliver reliable services that meet its clients’ needs. Considering the impact of information security in its reputation, Travivve decided to implement an information security management system (ISMS) based on ISO/IEC 2700 1. In addition, they decided to establish and implement an information security risk management program. Based on the priority of specific departments in Travivve, the top management decided to initially apply the risk management process only in the Sales Management Department. The process would be applicable for other departments only when introducing new technology.

Travivve’s top management wanted to make sure that the risk management program is established based on the industry best practices. Therefore, they created a team of three members that would be responsible for establishing and implementing it. One of the team members was Travivve’s risk manager who was responsible for supervising the team and planning all risk management activities. In addition, the risk manager was responsible for monitoring the program and reporting the monitoring results to the top management.

Initially, the team decided to analyze the internal and external context of Travivve. As part of the process of understanding the organization and its context, the team identified key processes and activities. Then, the team identified the interested parties and their basic requirements and determined the status of compliance with these requirements. In addition, the team identified all the reference documents that applied to the defined scope of the risk management process, which mainly included the Annex A of ISO/IEC 27001 and the internal security rules established by Travivve. Lastly, the team analyzed both reference documents and justified a few noncompliances with those requirements.

The risk manager selected the information security risk management method which was aligned with other approaches used by the company to manage other risks. The team also communicated the risk management process to all interested parties through previously established communication mechanisms. In addition, they made sure to inform all interested parties about their roles and responsibilities regarding risk management. Travivve also decided to involve interested parties in its risk management activities since, according to the top management, this process required their active participation.

Lastly, Travivve’s risk management team decided to conduct the initial information security risk assessment process. As such, the team established the criteria for performing the information security risk assessment which included the consequence criteria and likelihood criteria.

Based on scenario 2, the team decided to involve interested parties in risk management activities. Is this a good practice?
A . No. only internal interested parties should be involved in risk management activities
B . Yes, relevant interested parties should be involved in risk management activities to ensure the successful completion of the risk assessment
C . No, only the risk management team should be involved in risk management activities

Answer: B

Explanation:

According to ISO/IEC 27005, involving relevant interested parties in the risk management process is considered a best practice. This approach ensures that all perspectives are considered, and relevant knowledge is leveraged, which helps in comprehensively identifying, analyzing, and managing risks. Interested parties, such as stakeholders, can provide valuable insights and information regarding the organization’s assets, processes, threats, and vulnerabilities, contributing to a more accurate and effective risk assessment. Therefore, option B is correct because it supports the principle that involving relevant parties leads to a more successful risk assessment process. Options A and C are incorrect because excluding either external interested parties or restricting involvement only to the risk management team would limit the effectiveness of the risk management process.