COSO Enterprise Risk Management organizes its Performance component in a logical sequence: identify risks, assess their severity, prioritize them, implement risk responses, and then develop a portfolio view. A portfolio view allows management to consider individual risks collectively across the organization and understand the combined amount and types of risk being assumed relative to strategy and risk appetite. Prioritizing risks and assessing severity occur before risk responses are selected and implemented. Measuring risk velocity may be useful in risk analysis, but it is not the next COSO ERM principle in this sequence. Therefore, once management has identified risks and implemented appropriate responses, the next step is to develop a portfolio view so management can evaluate aggregate risk exposure across the enterprise.