Which step follows after identifying risks during the risk management process?

Following the identification of risks in the risk management process, the next step is risk assessment. This phase involves evaluating the identified risks to determine their potential impact on the organization and the likelihood of their occurrence. Risk assessment encompasses various activities, including analyzing vulnerabilities, estimating the severity of potential losses, and prioritizing risks based on their relative importance.

This step is crucial because it helps organizations understand which risks need immediate attention and which ones can be managed over time. By prioritizing risks, organizations can allocate resources effectively to mitigate the most critical threats first. Furthermore, risk assessment provides the necessary context and insight that informs subsequent actions, such as risk treatment, where strategies are developed to manage the assessed risks.

In this process, a thorough risk assessment ensures that risk management efforts are aligned with organizational goals and resources, ultimately leading to a more robust and effective risk management strategy.