MANAGEMENT

Detailed explanation-1: -Now that you have a list of potential or existing threats and risks, it’s time to assess the likelihood of the event happening and the level of impact.

Detailed explanation-2: -Step 2. Assess the hazards-For each hazard identified, determine the associated degree of risk in terms of probability and severity. The result of the risk assessment is a prioritized list of hazards, which ensures that controls are first identified for the most serious threat to mission or task accomplishment.

Detailed explanation-3: -The 4 essential steps of the Risk Management Process are: Identify the risk. Assess the risk. Treat the risk. Monitor and Report on the risk.

Detailed explanation-4: -The first step of the risk management process is called the risk assessment and analysis stage. A risk assessment evaluates an organization’s exposure to uncertain events that could impact its day-to-day operations and estimates the damage those events could have on an organization’s revenue and reputation.