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Risk Assessment (Definition): is considered the initial and periodical step in a risk management process.
Risk assessment is the determination of quantitative or qualitative value of risk related to a concrete situation and a recognized
threat.
Risk Assessment (Simply Put): Determine what your risks are and then decide on a course of action to deal with those risks.
[More colloquially: “What’s your threshold for pain?” or “Do you want this to show up on the front page of the Daily Progress?”]
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