Certified Governance Risk and Compliance (CGRC) Practice Exam 2025 – All-in-One Guide to Master Your Certification!

The process being conducted when assessing and combining the probability of occurrence and impact for prioritizing risks is indeed associated with performing a qualitative analysis. In this context, qualitative analysis involves evaluating risks based on their likelihood of occurrence and the potential impact they may have on the organization or project.

By categorizing risks in terms of their severity and likelihood, organizations can prioritize which risks need immediate attention and which ones may require monitoring. This approach is typically less resource-intensive and relies on expert judgment to analyze and communicate risks clearly.

In contrast, risk identification is the preliminary step that involves detecting and listing potential risks without assessing their significance. Quantitative analysis, on the other hand, involves a more numerical approach, often employing statistical techniques to measure risks in monetary terms or impactful figures. Additionally, creating a Risk Breakdown Structure focuses on systematically organizing and depicting the various identified risks, rather than assessing their probabilities and impacts. Therefore, the emphasis on combining the probability of occurrence and impact aligns perfectly with the goals of qualitative analysis.