What is the essential process of risk assessment?
Risk assessment is the process of identifying, analyzing, and evaluating potential risks to determine the level of risk associated with a particular activity, event, or occurrence. This process involves the identification of hazards that may have an adverse effect on the organization, as well as the evaluation of the probability and severity of the risks associated with those hazards. The goal of risk assessment is to identify and manage risks in order to minimize potential losses and maximize potential benefits. Risk assessment typically includes the identification of potential risks, the evaluation of the likelihood and potential severity of these risks, and the implementation of risk mitigation strategies. The ultimate goal of risk assessment is to ensure that the organization is prepared to manage the risks associated with its activities and operations.  