๐Ÿ“‹ Template SOC 2 Type II ยท CC3.1, CC3.2, CC3.3, CC3.4 ยท 5 pages ยท SOC2-RISK-001

SOC 2 Risk Assessment Procedure

Structured procedure for identifying, scoring, and treating risks against the SOC 2 Common Criteria. Includes risk register template, likelihood/impact scales, and treatment workflow.

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Document ID: SOC2-RISK-001 | Version: 1.0 | Date: March 2026 | Classification: Internal | Owner: CISO / Risk Owner

Purpose

This procedure defines how [Organisation Name] identifies, assesses, and treats risks to the security, availability, and confidentiality of its systems and customer data, in accordance with SOC 2 CC3.1โ€“CC3.4. Risk assessments are performed at least annually and whenever significant changes occur.


1. Risk Assessment Process

Step 1 โ€” Identify Assets

List all information assets within the SOC 2 scope boundary:

  • Production systems and infrastructure
  • Customer data stores and pipelines
  • Third-party integrations and APIs
  • Employee endpoints and identities

Step 2 โ€” Identify Threats and Vulnerabilities

For each asset, identify applicable threats and vulnerabilities using the reference table below.

Step 3 โ€” Score Likelihood and Impact

Likelihood Scale

ScoreLevelDefinition
1RareUnlikely to occur; no known instances in the industry
2UnlikelyCould occur but is not expected; limited precedent
3PossibleMay occur; known to happen in similar organisations
4LikelyExpected to occur in most circumstances
5Almost CertainNear-certain to occur; actively exploited in the wild

Impact Scale

ScoreLevelDefinition
1NegligibleNo customer impact; no regulatory consequence
2MinorLimited impact on a small number of customers; no breach
3ModerateMeasurable customer impact; potential contractual breach
4MajorSignificant customer data exposure; regulatory notification likely
5CriticalMass data breach; service-wide outage; existential business risk

Risk Score = Likelihood ร— Impact

Score RangeRatingAction Required
1โ€“4LowAccept or monitor; review at next annual assessment
5โ€“9MediumTreat within 90 days; assign owner
10โ€“16HighTreat within 30 days; escalate to CISO
17โ€“25CriticalTreat immediately; notify Executive Team

Step 4 โ€” Select Treatment Option

OptionWhen to Use
MitigateImplement controls to reduce likelihood or impact to acceptable level
AcceptResidual risk is within risk appetite; document formal acceptance with owner sign-off
TransferPurchase cyber insurance or contractually transfer risk to a third party
AvoidCease the activity that creates the risk

Step 5 โ€” Implement and Verify

Assign an owner, set a due date, and track treatment in the Risk Register. Verify that implemented controls reduce the residual risk score as expected.


2. Threat and Vulnerability Reference

ThreatExample Vulnerabilities
Unauthorised accessWeak passwords, missing MFA, over-privileged accounts
Data exfiltrationUnencrypted storage, missing DLP, insider threat
Service disruptionSingle point of failure, no DR plan, DDoS exposure
Supply chain compromiseUnvetted vendors, no access review for third parties
RansomwareUnpatched systems, no offline backups, phishing susceptibility
MisconfigurationPublic S3 buckets, open security groups, default credentials
Insider threatExcessive access, no activity monitoring, poor offboarding
Social engineeringNo security awareness training, no phishing simulation

3. Risk Register Template

Risk IDAssetThreatVulnerabilityLikelihoodImpactScoreRatingTreatmentOwnerDue DateResidual ScoreStatus
RISK-001Customer databaseUnauthorised accessSingle-factor auth on admin console4520CriticalEnforce MFA for all admin accessEngineering Lead[Date]4Open
RISK-002Production APIData exfiltrationAPI keys in environment variables (plaintext)3412HighMigrate to secrets manager (AWS SSM/Vault)DevOps Lead[Date]3In Progress
RISK-003Cloud infrastructureMisconfigurationNo automated config scanning3412HighDeploy AWS Config / Prisma CloudSecurity Eng[Date]4Open
RISK-004Employee endpointsRansomwareMissing endpoint protection339MediumDeploy EDR to all endpointsIT Admin[Date]2Complete
RISK-005Third-party integrationsSupply chain attackNo vendor security review process248MediumImplement vendor assessment procedureCompliance[Date]4Open

4. Review Schedule

EventFrequency
Full risk assessmentAnnually (minimum)
Risk register reviewQuarterly
Ad-hoc reassessmentAfter significant system change, incident, or new vendor onboarding
Management reviewAnnually as part of SOC 2 management review cycle

5. Residual Risk Acceptance

Residual risks rated Medium or above that are formally accepted must be documented with:

  • Risk description and score
  • Business justification for acceptance
  • Risk owner name and signature
  • Review date (maximum 12 months)
Risk IDDescriptionResidual ScoreJustificationAccepted ByReview Date

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