Which term describes the process of comparing the estimated risk against given risk criteria to determine the significance of the risk?

Which term describes the process of comparing the estimated risk against given risk criteria to determine the significance of the risk?

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

Answer: (C)

Determining the significance of risk by comparing the estimated risk to predefined risk criteria is handled in risk assessment. This term covers both estimating or analyzing risk (likelihood and impact) and evaluating it against criteria to decide if the risk is acceptable, tolerable, or requires treatment. In practice, risk assessment provides the basis for deciding whether to implement controls or remediation. Risk management is broader, encompassing the whole lifecycle of identifying, evaluating, treating, and monitoring risks. Risk analysis focuses on estimating risk but doesn’t by itself mandate the formal decision against criteria, and a risk map is simply a visual representation, not the evaluative decision process.

Determining the significance of risk by comparing the estimated risk to predefined risk criteria is handled in risk assessment. This term covers both estimating or analyzing risk (likelihood and impact) and evaluating it against criteria to decide if the risk is acceptable, tolerable, or requires treatment. In practice, risk assessment provides the basis for deciding whether to implement controls or remediation. Risk management is broader, encompassing the whole lifecycle of identifying, evaluating, treating, and monitoring risks. Risk analysis focuses on estimating risk but doesn’t by itself mandate the formal decision against criteria, and a risk map is simply a visual representation, not the evaluative decision process.