Which process involves identifying assets, threats, vulnerabilities, likelihood, impact, and risk?

The process of identifying assets, threats, vulnerabilities, likelihood, impact, and risk is central to risk management processes. This systematic approach involves determining what resources an organization possesses, assessing potential threats to those resources, and evaluating vulnerabilities that could be exploited, thus enabling the organization to understand the likelihood of specific risks occurring and the potential impacts should those risks materialize.

Risk management processes are crucial for establishing priorities based on the likelihood and potential impact of risks, which helps organizations allocate resources effectively and implement appropriate risk mitigation strategies. This ensures a proactive approach to security and operational integrity.

In contrast, while incident response planning, business continuity planning, and compliance assessments include elements of risk management, they do not focus comprehensively on the overall identification and assessment of risk across the organization. Incident response plans are primarily about responding to breaches or security incidents after they occur. Business continuity planning focuses on maintaining operations during disruptive events without necessarily detailing risk aspects for assets and threats. Compliance assessments are about evaluating adherence to regulations and standards rather than a full risk analysis of assets and their vulnerabilities.