A risk assessment is a process of identifying, analyzing, and controlling hazards and risks within a situation or a place1. According to the CompTIA Cloud Essentials+ Certification Study Guide, Second Edition (Exam CLO-002), a risk assessment should include the following steps2:
Identify the assets that are relevant to the scope of the assessment. Assets can be physical, such as hardware and software, or non-physical, such as data and information.
Identify the threats and vulnerabilities that could affect the assets. Threats are sources of potential harm, such as natural disasters, cyberattacks, or human errors. Vulnerabilities are weaknesses or gaps in the security or protection of the assets, such as outdated software, misconfigured settings, or lack of encryption.
Analyze the likelihood and impact of each threat-vulnerability pair. Likelihood is the probability of a threat exploiting a vulnerability, and impact is the severity of the consequences if that happens. The combination of likelihood and impact determines the level of risk for each pair.
Evaluate the risks and prioritize them based on their level. Risks can be categorized as low, medium, high, or critical, depending on the organization's risk appetite and tolerance. Risk appetite is the amount of risk that the organization is willing to accept, and risk tolerance is the degree of variation from the risk appetite that the organization can endure.
Implement appropriate controls to mitigate or reduce the risks. Controls are measures or actions that can prevent, detect, or correct the occurrence or impact of a risk. Controls can be administrative, technical, or physical, and they can have different functions, such as preventive, detective, corrective, deterrent, or compensating.
Based on these steps, two components that should be included in the draft of a risk assessment are asset inventory and data classification. Asset inventory is the process of identifying and documenting the assets that are within the scope of the assessment1. Data classification is the process of categorizing data based on its sensitivity, value, and criticality to the organization3. These components are essential for determining the potential risks and impacts that could affect the assets and data, and for applying the appropriate controls and protection levels.
https://www.comptia.org/training/books/cloud-essentials-clo-002-study-guide
https://books.google.com/books/about/CompTIA_Cloud_Essentials+_Certification.html?id=S2TNDwAAQBAJ