Risk Analysis is the process of identifying and assessing risks to businesses - Operations, Processes, Schedules, Costs, etc. Risks can be Internal as well as External and come in the form of opportunities and threats. Risks can be short term or long term, and can be categorised depending on the probability of occurrence and impact on the Business, and treated accordingly. Risk Mitigation involves finding practical or reasonable solutions to resolve and neutralise the threat in the short and the long term.