An assessment defines the system, the people or assets that could be affected, and the conditions under which harm could occur. Evidence can include testing, observed incidents and analysis of plausible failure paths.
The result depends on the available evidence and assumptions. Unknown or changing conditions can limit confidence, so an assessment should state its scope and be revisited when important facts change.
ELI5
Risk assessment asks what could go wrong, how likely it is and how serious the result could be. It also records what is uncertain.
For example, a team can examine whether a document assistant might expose a private file. They consider who could be affected and which controls reduce the chance or impact.
Is risk assessment a guarantee of safety?
No. It is a structured examination of risks under stated assumptions, not proof that every possible failure has been found.
Is likelihood the only factor?
No. A rare event can still matter when its consequences are severe, and uncertainty about either factor also matters.
