Which step is the last part of the risk assessment process, which started with risk identification then moved to risk assessment, and finally risk evaluation?
the last step of the risk assessment process, which starts with risk identification, moves to risk assessment, and finally risk evaluation, is Risk evaluation.
Risk evaluation involves comparing the estimated level of risk against the risk criteria established during the risk assessment phase, to determine the significance of the risk and whether it is acceptable or not. This decision is made in consultation with stakeholders, who may provide additional context and information to inform the decision.
The American Society for Quality (ASQ) describes risk evaluation as 'the process of comparing an estimated risk against given risk criteria to determine the acceptability of the risk.' [1]
Similarly, ISO/IEC 27001:2013 (Information technology --- Security techniques --- Information security management systems --- Requirements) defines risk evaluation as 'the process of comparing the estimated risk against given risk criteria in order to determine the significance of the risk.' [2]
ISO uses the concept of uncertainty as the driver and rationale for risk management.
ISO uses the concept of uncertainty as the driver and rationale for risk management. Uncertainty refers to the state of having incomplete knowledge or understanding about something that can affect an organization's objectives.
Risk management professionals conduct supply-chain analyses to identify
According to page 12 of the source, risk management professionals conduct supply chain analysis to identify potential vulnerabilities to the organization. These vulnerabilities can arise due to supplier dependency, breakdowns or disruptions in the supply chain, natural or human-made disasters, political or social instability, cyberattacks or other threats. Identifying such risks is crucial to prevent adverse impacts on the organization's operations, reputation or financial position.
