Risk assessment is the structured process of identifying risks, estimating their likelihood and impact, and prioritizing them for treatment. It forms the analytical foundation of risk management and enables informed decision-making. Risk assessment typically includes threat identification, vulnerability analysis, likelihood determination, and impact analysis.
Risk treatment and mitigation occur after risks have been assessed, while risk management is the broader lifecycle that includes assessment, response, monitoring, and communication. Standards such as NIST SP 800-
30 emphasize risk assessment as a critical early step in managing cybersecurity risk.