When performing a risk analysis, what should an IS auditor do FIRST?

In the context of risk analysis, the initial step an IS auditor should take is to identify the organization's information assets. This is crucial because understanding what assets exist sets the foundation for evaluating their value, sensitivity, and the potential risks they face. Information assets can include data, hardware, software, and intellectual property; knowing these assets allows the auditor to focus on the elements that are most critical to the organization.

Once the information assets are identified, the auditor can consider the specific risks to those assets, including threats, vulnerabilities, and potential impacts on the organization. This prioritization ensures that resources are allocated effectively and that the risk analysis process is relevant and comprehensive. Without a clear understanding of the assets in question, subsequent steps, such as assessing their inherent risks or considering controls, would lack the necessary context to be truly effective.