Which risk management process involves identifying and evaluating risks?

The Risk Assessment process is fundamental to effective risk management, as it focuses specifically on identifying and evaluating risks that an organization faces. This process involves systematically gathering information to determine potential threats and vulnerabilities, analyzing their likelihood of occurrence, and assessing the potential impact on organizational assets. By evaluating both qualitative and quantitative factors, the Risk Assessment offers a comprehensive view of the risk landscape, enabling organizations to prioritize risks according to their significance.

In contrast, other processes like the Incident Response process concentrate on responding to security breaches after they occur rather than evaluating risks beforehand. The Risk Treatment process is focused on deciding how to handle identified risks once they have been assessed, whether through mitigation, acceptance, transfer, or avoidance. The Security Control Assessment process is primarily concerned with evaluating the effectiveness of security controls, not the broader scope of identifying and evaluating risks themselves. Thus, the Risk Assessment process stands out as the definitive stage for recognizing and analyzing risks.