Impact Risk Assessment is a systematic process used to identify and evaluate potential risks that could negatively affect a project, organization, or community. This assessment helps in understanding the likelihood and consequences of various risks, allowing decision-makers to prioritize their responses and allocate resources effectively. The process typically involves gathering data, analyzing potential impacts, and developing strategies to mitigate identified risks. By considering factors such as environmental impacts, financial implications, and social consequences, organizations can create a comprehensive plan to minimize adverse effects and enhance resilience against unforeseen challenges.