Which risk management task involves prioritizing risks based on their potential impact?

The task of prioritizing risks based on their potential impact is accurately described by risk analysis. In this phase, testers and stakeholders assess identified risks to determine their severity and likelihood of occurrence. This involves evaluating how significantly each risk could affect the project or product, helping teams make informed decisions about which risks require immediate attention or resources.

By prioritizing risks, teams can focus their efforts on high-impact issues, thereby optimizing resources and ensuring that the most critical risks are managed effectively. This well-defined process is essential for effective risk management, as it guides the subsequent steps of risk mitigation and control. Prioritization is not part of risk identification, which aims to uncover potential risks, nor does it relate directly to mitigation or control, which deal with managing the risks once they have been analyzed.