The primary objective of a risk identification process is to determine threats and vulnerabilities, which are the sources and causes of the risks that may affect the organization’sobjectives. Threats are any events or circumstances that have the potential to harm or exploit the organization’s assets, such as people, information, systems, processes, or infrastructure1. Vulnerabilities are any weaknesses or gaps in the organization’s capabilities, controls, or defenses that may increase the likelihood or impact of the threats2. By determining threats and vulnerabilities, the organization can:

Identify and document all possible risks, regardless of whether they are internal or external, current or emerging, or positive or negative3.

Understand the nature and characteristics of the risks, such as their sources, causes, consequences, and interrelationships4.

Provide the basis for further risk analysis and evaluation, such as assessing the probability and severity of the risks, and prioritizing the risks according to their significance and urgency5.

References =

Threat - CIO Wiki

Vulnerability - CIO Wiki

Risk Identification - CIO Wiki

Risk Identification and Analysis - The National Academies Press

Risk Analysis - CIO Wiki