What are the 5 main steps of risk assessment?

Identify the Risks – Identify potential financial, operational, compliance, legal, credit, and business risks.
Analyze the Risks – Assess the likelihood of each risk occurring and understand its potential impact.
Evaluate and Prioritize Risks – Compare risks based on their severity and determine which require immediate attention.
Implement Risk Controls – Put appropriate measures, policies, portfolio monitoring systems, or controls in place to reduce or manage identified risks.
Monitor and Review – Continuously track risks, review controls, and update the assessment as business conditions change.