Before deciding whether to pursue a strategic initiative, it is important to understand the potential consequences of the risks involved. Assessing the impact of each risk means estimating how likely it is to occur and how severe its effects would be on the enterprise’s objectives, performance, reputation, or resources. This can help to prioritize the most critical risks and compare them with the expected benefits of the initiative. According to one of the web search results1, “the impact assessment is a key element of any risk management process. It helps to evaluate the significance of each risk and determine the appropriate response strategy.” Defining the risk mitigation strategy, establishing a baseline for each initiative, and selecting qualified personnel to manage the project are important steps, but they are not the first ones. They aremore likely to be part of the implementation or execution phase of the initiative, after it has been approved and funded. References := Risk Impact Assessment and Prioritization