GEMSC or GEMNCO 1-24 Annex 2 Practice Exam

Risk assessment involves identifying potential risks, evaluating how likely they are and how severe their consequences could be, and then prioritizing which mitigation actions to take. This sequence—spotting hazards, estimating probability and impact, and ranking risks for action—is exactly what the described set covers. The other options map to general planning or execution activities (defining scope, assigning resources, scheduling, budgeting) or to stakeholder engagement and validation, which are not focused on assessing and prioritizing risk. So, this set best describes the risk assessment process.