What is the first step in the two-step risk assessment process?

The first step in the two-step risk assessment process is to examine the risk. This initial phase involves identifying potential risks that could impact a project, organization, or situation. It includes analyzing various factors such as likelihood of occurrence, potential impacts, and the context in which the risks may arise. This comprehensive assessment is critical, as it sets the foundation for understanding what risks are present and allows for informed decision-making in the next steps.

By first examining the risk, you create a detailed picture of vulnerabilities and threats, which is essential for determining appropriate risk management strategies. This systematic approach ensures that you’re not overlooking any potential issues before moving on to evaluating outcomes or developing plans to manage the risks. Understanding the risks in-depth empowers professionals to make proactive and informed choices in risk management processes.