What is the objective of conducting a 'Risk Assessment' in business analysis?

The objective of conducting a 'Risk Assessment' in business analysis is fundamentally to identify potential risks that could affect the success of a project and to develop appropriate mitigation strategies to address those risks. This process involves systematically examining various aspects of the project, including technical, operational, financial, and external factors, to pinpoint scenarios that could jeopardize achieving project goals.

By identifying these risks early, business analysts can work collaboratively with stakeholders to prioritize them based on their likelihood and impact. This proactive approach allows teams to implement measures to either prevent risks from occurring or reduce their impact if they do materialize. Ultimately, effective risk assessment enables organizations to make informed decisions, allocate resources wisely, and enhance the overall robustness of their project outcomes.

The other options do not align with the primary objective of a risk assessment. Gathering stakeholder feedback is focused on understanding project perceptions and satisfaction rather than risk identification. Evaluating team member performance pertains to individual assessments and does not relate to risk management. Validating functionality is about ensuring that the solution meets the required specifications, which is a separate aspect of project quality assurance rather than risk assessment.