What is the purpose of the 'Review' phase in the Risk Management Lifecycle?

The purpose of the 'Review' phase in the Risk Management Lifecycle is to re-evaluate existing risks. This phase is crucial because it allows organizations to continuously monitor their risk environment and ensure that they are aware of any changes to their risk profile. By revisiting previously identified risks and reassessing their potential impact and likelihood, organizations can determine if risk levels have changed and if their risk management strategies remain effective.

This re-evaluation is necessary due to the dynamic nature of information security, where new threats emerge, existing controls may become less effective, and organizational contexts can shift. Thus, the Review phase ensures that risk management is not a one-time event but an ongoing process that adapts to new information and changing circumstances, thereby enhancing the overall security posture of the organization.

In contrast, identifying new risks focuses on recognizing potential threats that have not been previously documented, implementing security measures involves executing strategies to mitigate risks, and assessing the impact of risks is concerned with understanding the effects should a risk materialize. While all these activities are important in risk management, the specific aim of the Review phase is to ensure that previously identified risks are still relevant and adequately managed.