The effort to understand a particular risk is called risk analysis. In risk analysis, we probe the depths of a single risk. It is an investigation of a risk that results in a rating and input for risk evaluation.
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To identify risks is to look for, imagine, and dig up potential problems and then put them on a list. Risk identification does not need to be more complicated.
Risk assessments are the core of the risk management process. A risk assessment goes through three phases: identification, analysis, and evaluation.