Which term encompasses the overall process of risk identification, risk analysis, and risk evaluation?

Which term encompasses the overall process of risk identification, risk analysis, and risk evaluation?

• A. Risk analysis
• B. Risk criteria
• C. Risk assessment
• D. Risk management

Answer: (C)

The process being described is risk assessment. It covers identifying risks, analyzing how likely they are and how severe their consequences could be, and evaluating which risks are significant enough to require treatment or action. That combination—identification, analysis, and evaluation—defines the full assessment stage used to understand risk and decide on controls. Risk management, while related, is broader. It includes not only assessing risks but also selecting and implementing controls, monitoring their effectiveness, and communicating about risk over time. Risk analysis focuses on estimating the magnitude of risk, but without the formal step of evaluating and prioritizing which risks need attention. Risk criteria are the standards used to judge risk levels during evaluation. So for the question asking for the term that encompasses the entire flow of identification, analysis, and evaluation, risk assessment is the best fit.

The process being described is risk assessment. It covers identifying risks, analyzing how likely they are and how severe their consequences could be, and evaluating which risks are significant enough to require treatment or action. That combination—identification, analysis, and evaluation—defines the full assessment stage used to understand risk and decide on controls.

Risk management, while related, is broader. It includes not only assessing risks but also selecting and implementing controls, monitoring their effectiveness, and communicating about risk over time. Risk analysis focuses on estimating the magnitude of risk, but without the formal step of evaluating and prioritizing which risks need attention. Risk criteria are the standards used to judge risk levels during evaluation. So for the question asking for the term that encompasses the entire flow of identification, analysis, and evaluation, risk assessment is the best fit.