Question: What are its objectives of a risk assessment, and why is it important in assessing the likelihood that fraud may occur?

I am having trouble answering the above part of the question. The full question is What is the purpose of "risk assessment"? What are its objectives, and why is it important in assessing the likelihood that fraud may occur?

So far I have . . .

The purpose of Risk assessment is to evaluate potential hazards that may have the potential to cause an error or fraud.