What is the first step in Scenario Scoping?

The first step in Scenario Scoping is to define the asset. In the Open FAIR framework, understanding what is at risk is crucial for framing the rest of the risk assessment process. By defining the asset, you identify the specific entity that could be impacted, which sets the context for evaluating potential loss scenarios.

Defining the asset involves considering the characteristics, importance, and value of what is being protected. This information is vital as it informs subsequent steps, such as identifying the types of losses that could occur, the threats that may target the asset, and the overall scenario you are assessing. A well-defined asset helps ensure that the risk assessment is focused and relevant to the organization's objectives.

In this context, the other options listed are subsequent steps that rely on a clear understanding of the asset. The loss type, threat definitions, and overall scenario can only be accurately determined once the asset is established, making this step foundational to effective risk analysis and management.