What approach is used to determine the likelihood and impact of identified risks?

The approach used to determine the likelihood and impact of identified risks is risk measurement. This process involves quantifying the potential risks associated with an organization's assets, including how often a risk may occur and the potential consequences if it does. Risk measurement helps organizations make informed decisions about risk management by providing a clearer picture of the threat landscape.

This process typically includes qualitative and quantitative assessments, allowing organizations to prioritize risks based on their severity and likelihood. By accurately measuring risks, organizations can better allocate resources, implement appropriate controls, and develop effective risk mitigation strategies tailored to their specific needs.

The other concepts mentioned, such as risk treatment and avoidance, relate more to strategies for managing risks once they have been identified and measured rather than the actual process of assessing their likelihood and impact. Threat assessment focuses on identifying specific threats to an organization and does not directly involve quantifying the likelihood and impact of those threats like risk measurement does.