On the ISO27000 Forum list, someone asked:
I’m looking for Risk statement for each ISO 27k control; meaning
“what is the risk of not implementing a control”.
That’s a very ingenious way of looking at it!
One way of formulating the risk statement is from the control
objective mentioned in the standard.
Is there any other way out ?
Ingenious aside, I’d be very careful with an approach like this.
Risks and controlsare not, should not, be 1:1.

Some controls are there to support other controls. And don’t forget that some controls are detective and a control that ‘detects’ the functioning of another control is perfectly valid.
We’ve often spoken of “baseline controls”, that is controls which should be in place “regardless”. Well OK, context matters. The baseline for a bank and there baseline for a power plant will differ, but they will also have a lot in common. One common branch might be a yes response to ‘are you connected to the Internet?’
A “Yes you are connected to the Internet” will produce a plethora of threats (note: *threats* not risks!) that will keep you busy all month working through to determine the risks, and for almost all of them the control will be “configure the firewall…”.
You do have a firewall as part of your baseline, don’t you?
(And you took it out of the box and installed it at a choke point, didn’t you?)
Another issue that often come up on this forum is that of assets.
Now if it was me, I’d start with the assets. There are a number of reasons for that. First and foremost, this is all about protecting those assets. They are also a lot easier to identify than threats or vulnerabilities 🙂
So we get back to “what is the risk of not implementing a control”.
The control objectives are, ultimately, to protect the assets, by various means. So you need to ask that question in terms of the assets.
Another way of looking at it is enumerate the assets and enumerate the controls and establish the relationships. Are there assets that don’t have controls protecting them?

I admit there is more to it than that; controls may be inadequate or superfluous. There is a tendency to implement easy ones.
Donn Parker has written some excellent papers on selecting controls.
They were published in the ISSA Journal back in 2010.
http://www.google.ca/search?q=parker+%22Security+Control+Selection+Principles%22
Related articles
- Is ISO 27001 Worthwhile for Your Business? (deurainfosec.com)
- Final results of COSO vs ISO risk management survey (normanmarks.wordpress.com)
- ISO 27001: An overview of ISMS implementation process (net-security.org)
- ISO 27001 and BS 25999-2: Why is it better to implement them together? (net-security.org)