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After risk identification in the project management process, the next logical step is risk assessment. This phase involves evaluating the identified risks to determine their potential impact on the project and the likelihood of their occurrence. During risk assessment, project managers analyze each risk's severity and prioritize them based on their potential effect on project objectives. This helps in focusing efforts on the most significant risks that could derail project success.

Risk assessment also includes the qualitative and quantitative analysis of risks, which aids in making informed decisions about how to mitigate them. Through this process, teams can better understand which risks require detailed plans and proactive management strategies.

Following risk assessment, the subsequent phases would involve developing specific strategies for dealing with the prioritized risks, which leads into risk plan development, but that comes only after the assessment is completed. Thus, risk assessment is essential as it lays the groundwork for effective risk management throughout the project lifecycle.