What is the purpose of conducting qualitative risk analysis?

Conducting qualitative risk analysis is primarily aimed at prioritizing risks based on their significance to the organization. This process involves evaluating the likelihood and impact of various risks to understand which ones require more immediate attention or resources.

In qualitative risk analysis, risks are often categorized and ranked to facilitate decision-making. This prioritization helps organizations allocate their risk management efforts effectively by focusing on the most significant risks that could impact their objectives. By understanding which risks pose the greatest threat, organizations can develop appropriate mitigation strategies and action plans.

Other options, such as assessing financial impacts, calculating exact probabilities, or eliminating all identified risks, do not align with the main purpose of qualitative risk analysis. While they may be related to broader risk management processes, they are not the core focus of qualitative analysis which is centered around relative significance rather than quantitative measurements or total risk elimination.