Which activity in the risk management lifecycle focuses on enumerating potential threats and vulnerabilities to assets before evaluating their likelihood or impact?
Risk identification
Risk treatment
Risk prioritization
Risk assessment
Risk identification is the first step of the risk management process. During this activity, an organization creates an inventory of possible threats, vulnerabilities, and affected assets. No quantitative or qualitative analysis is performed yet; the goal is simply to recognize and describe everything that could go wrong. Risk assessment comes later and analyzes likelihood and impact. Risk treatment concerns selecting and applying controls to modify risk, while risk prioritization (or acceptance) occurs after assessment to decide which risks to address or tolerate.
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