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The first step in an Information Security Management System (ISMS) risk assessment process is risk identification. This critical phase involves recognizing and listing all potential risks that could negatively impact the organization's information assets. By thoroughly identifying risks, organizations can create a comprehensive view of their risk landscape, which is essential for taking subsequent steps in the risk assessment process.

Identifying risks helps in understanding the nature of potential threats, vulnerabilities, and their possible impacts on various assets. It provides the foundation upon which risk analysis can be built, allowing organizations to evaluate the significance of identified risks against established criteria and decide on appropriate risk treatment measures.

Effective risk identification allows for informed decision-making in the later stages of the risk assessment, including risk evaluation and mitigation, helping organizations prioritize their security efforts and allocate resources effectively to protect their critical assets.