Abstract

Risk assessment is a core component of effective quality and risk management, helping organizations proactively manage uncertainty, protect performance and support strategic objectives by identifying, analyzing and evaluating risks and opportunities. The risk assessment process involves three key phases—identification, analysis and evaluation—to determine likelihood, impact and overall risk levels so resources can be prioritized effectively. Visual tools like a probability‑impact matrix and heat map support decision making, enabling management to compare risks against risk appetite, balance cost‑benefit considerations, as well as allocate limited resources to the most critical threats and opportunities.