Is identifying information security risks part of the Plan phase?

Identifying information security risks is indeed part of the Plan phase in the context of ISO 27001, which emphasizes a systematic approach to managing information security. The Plan phase, also known as the 'Establishing the Information Security Management System' (ISMS) phase, involves identifying internal and external issues related to security as well as understanding the needs and expectations of interested parties. This phase lays the groundwork for defining risk assessments and management strategies.

By identifying information security risks, organizations can accurately evaluate threats and vulnerabilities, which is essential for developing effective controls and procedures to protect sensitive information. This proactive approach allows for informed decision-making regarding resource allocation, policy development, and continual improvement of the ISMS.

The other options imply limitations or conditions that do not apply; risk identification is a fundamental step in establishing an ISMS, irrespective of the size or current risk level of the organization.