What is the first step in the basic risk assessment process?

The first step in the basic risk assessment process is to assess initial risk. This step involves identifying potential threats and vulnerabilities, as well as determining the likelihood and impact of those risks on an organization’s assets. By understanding the initial risk landscape, organizations can prioritize their responses and allocate resources effectively to address the most pressing risks.

Conducting an initial risk assessment lays the groundwork for subsequent actions, such as evaluating the effectiveness of existing controls, determining residual risks after mitigation measures have been applied, and designing systems with risk reduction in mind. Without this initial assessment, it would be challenging to follow through with meaningful risk mitigation strategies or to evaluate the effectiveness of those strategies.