What is the first step in risk analysis according to standard procedures?

The first step in risk analysis, particularly in the context of standard procedures, is the criticality assessment. This step involves identifying and assessing the criticality of various assets or operations within the organization. Understanding which assets are most critical is essential, as it allows security personnel to prioritize their focus and resources effectively.

During the criticality assessment, factors such as the importance of the asset to overall operations, its vulnerability to threats, and potential consequences of its loss are evaluated. This foundational step provides the necessary context for subsequent stages of risk analysis, including risk evaluation, incident reporting, and mitigation planning, as it informs security professionals on where to direct their attention and efforts in managing risks.