(ISC)2 Certified in Cybersecurity Practice Exam

The first step in establishing a risk management framework is risk identification. This foundational phase involves systematically recognizing and documenting potential risks that could impact the organization's assets, operations, or objectives. By accurately identifying risks, organizations create a basis for understanding the scope of threats they face, which is crucial for effective risk management.

During the risk identification process, various methodologies such as brainstorming, expert interviews, and checklists are utilized to ensure a comprehensive overview of risks spanning different domains, including operational, financial, strategic, and compliance areas. Once risks are identified, they can then be analyzed and assessed, allowing organizations to prioritize risks based on their likelihood and potential impact.

Risk identification lays the groundwork for subsequent steps in the risk management framework, such as risk assessment, risk evaluation, and risk communication, each of which requires a clear understanding of the risks at hand. By prioritizing this initial activity, organizations can work more effectively towards developing strategies to mitigate or manage the identified risks.