What does the process of risk assessment involve?

The process of risk assessment primarily involves identifying and assessing potential risks. This step is crucial because it allows organizations to understand the vulnerabilities they face, evaluate the severity and likelihood of various risks, and prioritize them based on their potential impact. By identifying risks early in processes, a company can take appropriate measures to mitigate or manage those risks effectively.

Engaging thoroughly in risk assessment means looking at various factors, including environmental threats, operational challenges, and human factors that could contribute to security issues. This proactive approach is essential to develop comprehensive security strategies that safeguard assets and ensure safety.

The other options touch on significant aspects of security but do not encompass the full definition of the risk assessment process. Creating new security systems may be a part of the response to identified risks but is not the process of assessment itself. Documenting past incidents provides important historical context but does not involve identifying new or existing risks. Hiring external consultants might be beneficial in some circumstances but is not a necessary step in the risk assessment process. Therefore, identifying and assessing potential risks stands out as the essence of risk assessment.