Which term describes the evaluation step that compares risk estimates to predefined criteria to determine significance?

• A. Risk analysis
• B. Risk assessment
• C. Qualitative risk analysis
• D. Risk aggregation

Answer: (B)

Evaluating risk by comparing risk estimates to predefined criteria to determine significance is the evaluation part of risk assessment. In risk management, risk assessment brings together identifying risks, analyzing their likelihood and impact, and then evaluating them against established thresholds to decide which risks are significant and require action. The step of matching the estimated risk against these criteria is what decides significance and priority, making risk assessment the right label for this process. Risk analysis focuses on understanding magnitude (how likely and how bad), but its goal isn’t the final determination of significance against criteria. Qualitative risk analysis is just one method for assessing risk qualitatively, not the overarching evaluation step. Risk aggregation refers to combining multiple risks, not the act of judging significance against criteria.