26. Risk Assessment

This is an analysis performed as part of risk management.

Risk assessment is defined as the process of identifying, estimating, and prioritizing risks to an organization’s operations (including its mission, functions, image, and reputation), assets, individuals, other organizations, and even the nation.

Examples:

• A common risk assessment activity identifies the risk of fire to a building.

In some cases, management may indicate a need for a more in-depth risk assessment to be performed by internal or external parties.