Based on the information provided, the first step in the risk assessment process should be to identify C: Information assets. Information assets are the most important component of the risk assessment process, as they are the basis for assessing the potential risks to the organization. Identifying information assets allows the auditor to assess the value and criticality of the assets and determine the level of risk associated with them. Once the information assets have been identified, the auditor can then move on to assess the vulnerability of the assets to threats, evaluate existing controls, and consider any relevant legal requirements.