What is the first step in a risk analysis model?

The initial step in a risk analysis model is to list items or objects at risk. This foundational action helps in identifying and understanding what elements within a system or project are vulnerable to potential risks. By creating an inventory of these items, teams can begin to evaluate the context of the risks they face. This step is crucial because it sets the stage for deeper analysis, allowing teams to categorize and prioritize risks based on their impact and likelihood.

Once the items at risk have been identified, further steps can be undertaken, such as calculating risk priority factors or converting impacts into numbers. However, without a comprehensive list of potential risks, subsequent analyses would lack the necessary focus and relevance. This systematic approach ensures that all critical areas are considered and can lead to more effective risk management strategies.