What is meant by "risk assessment"?

Risk assessment refers to the comprehensive process of identifying, analyzing, and evaluating risks that may potentially affect an organization or system. This involves recognizing potential threats and vulnerabilities, assessing the likelihood and impact of these risks, and prioritizing them to determine the level of risk exposure.

This process is critical for establishing effective risk management strategies and implementing appropriate security measures to mitigate identified risks. By thoroughly assessing risks, organizations can make informed decisions about resource allocation, security enhancements, and overall risk tolerance.

In contrast to the other options, which focus on specific tasks or methods unrelated to risk evaluation, risk assessment is a foundational element of a risk management framework, instrumental for safeguarding assets and ensuring organizational resilience.