What does the term "Risk Analysis" describe?

The term "Risk Analysis" primarily encompasses the process of comprehending and determining the level of risk associated with various factors within an organization. This involves assessing both the likelihood of adverse events occurring and the potential impact of those events on the organization. By systematically analyzing risks, organizations can prioritize their resources and responses effectively. This process forms the foundation for informed decision-making regarding risk management strategies and helps organizations to safeguard their assets and operations effectively.

While evaluating assets and their values, identifying potential threat agents, and documenting security policies are important aspects related to overall risk management, they do not fully encapsulate the comprehensive process that Risk Analysis entails. Risk Analysis is specifically focused on understanding and quantifying risks in relation to vulnerabilities, threats, and the assets at stake, making it a critical step in developing an organization's risk management framework.