BS 7799-3:2005 Information security management systems. Guidelines for Infomation security management systems

Identifying, evaluating, treating and managing information security risks are key processes if businesses want to keep their information safe and secure.  Whilst these processes are specified in the new information security standard BS ISO/IEC 27001:2005, further guidance is required on how to manage these risks as well as to put them in context with other business risks.
The new British Standard BS 7799-3:2006 provides this guidance and covers:
Risk assessment
Risk treatment
Management decision making
Risk re-assessment
Monitoring and reviewing of risk profile
Information security risk in the context of corporate governance
Compliance with other risk based standards and regulations.

It gives guidance to support the requirements given in BS ISO/IEC 27001:2005 regarding all aspects of an information security management system (ISMS) risk management cycle. This includes assessing and evaluating the risks, implementing controls to treat the risks, monitoring and reviewing the risks, and maintaining and improving the system of risk controls.