Risk assessment is a systematic process of identifying, analyzing, and evaluating potential risks to understand their impact on an organization's assets, operations, and objectives. It involves assessing the likelihood of risks occurring and their potential consequences.
A risk assessment involves identifying assets requiring protection, recognizing potential threats, evaluating vulnerabilities, analyzing the impact of threats exploiting vulnerabilities, assessing the likelihood of threats occurring, calculating risk levels, prioritizing risks, developing mitigation strategies, monitoring control effectiveness, regularly reviewing the assessment, and documenting and reporting the process, findings, and mitigation measures.
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