Which of the following steps in conducting a risk assessment should be performed first?

The first step in conducting a risk assessment is to identify business assets. This foundational step is critical because understanding what assets an organization possesses forms the basis for assessing risks. Business assets can include hardware, software, data, and intellectual property, among others. By identifying these assets, organizations can determine what needs to be protected and prioritize their risk management efforts accordingly.

Without a clear inventory of business assets, it would be difficult to accurately understand the potential impact of various risks, assess vulnerabilities, or evaluate the effectiveness of key controls. Additionally, knowing what assets are in place allows organizations to align their risk management strategies with their overall business objectives, ensuring that they focus on protecting the most valuable and critical components of their operations.