What process is used for identifying and assessing risks that could impede organizational objectives?

The process used for identifying and assessing risks that could impede organizational objectives is risk assessment. This involves systematically evaluating potential risks that may threaten the achievement of an organization's goals. Risk assessment typically includes identifying what the risks are, analyzing the likelihood and potential impact of each risk, and prioritizing them based on their significance.

Risk assessment is crucial because it allows organizations to proactively address potential threats before they materialize into significant issues or losses. By thoroughly understanding the risks, organizations can implement strategies and controls to mitigate them effectively.

While risk management encompasses the broader spectrum of processes related to managing risks—including risk assessment, the development of risk response strategies, and ongoing monitoring—risk assessment specifically focuses on the initial identification and evaluation of risks. Internal auditing is a systematic evaluation of an organization's operations and controls, but it is not primarily focused on risk identification and assessment. Operational analysis refers to examining how effectively an organization's operations are being conducted to improve efficiency, which is a different focus than assessing risks.