What is the term used for the process of identifying, assessing, and prioritizing risks?

The term used for the process of identifying, assessing, and prioritizing risks is risk management. This encompasses a systematic approach to understanding potential threats and vulnerabilities to an organization or project. It involves not just identifying risks but also evaluating their impact and likelihood, as well as prioritizing them based on their significance. Once risks are prioritized, appropriate strategies can be developed to mitigate them, thus ensuring better safety and performance in operations.

In this context, safety assessment typically refers to the overall evaluation of safety measures and practices rather than a specific focus on risk prioritization. Hazard analysis involves identifying specific hazards in a system but may not cover the broader scope of prioritizing those risks. Impact evaluation is often related to assessing the effects of an action or decision rather than managing risks systematically. Thus, risk management is the most comprehensive term that encompasses all these processes focused on mitigating potential risks effectively.