What characteristic must be assessed alongside the probability of each identified risk in qualitative risk analysis?

In qualitative risk analysis, assessing the impact alongside the probability of each identified risk is essential because it helps prioritize risks based on their potential effect on the organization. The impact refers to the extent of the damage or loss that could result from a risk occurring. By understanding both the likelihood of a risk happening and the severity of its consequences, organizations can make informed decisions about which risks require immediate attention and resource allocation.

Considering the impact means that organizations can focus not only on how often a risk may occur but also on how detrimental it can be to operations, projects, or objectives. This dual assessment allows for a balanced approach to risk management, ensuring that resources are directed toward addressing the most significant threats to the organization's success.