Which term refers to the process of identifying, assessing, and prioritizing risks?

The term that accurately describes the process of identifying, assessing, and prioritizing risks is referred to as risk management. This comprehensive process involves not only understanding what the risks are (identification) but also evaluating their potential impact and likelihood (assessment) before determining the best course of action to mitigate or manage those risks effectively (prioritizing).

Risk management is a holistic approach, encompassing the entire spectrum of risk-related activities from identification through to monitoring and revising strategies based on changing conditions or newly identified risks. It is vital in various fields, including healthcare, to ensure that risks are appropriately addressed to protect patients, staff, and organizational integrity.

In contrast, the other options focus on specific components of risk handling. For example, risk assessment typically refers only to the steps involved in evaluating risks once they have been identified, while risk analysis usually involves a more detailed examination of risk factors and their implications. Risk evaluation, while it involves assessing risks and determining the significance of these risks, does not encompass the full process of managing them in a systematic way.