CONTEXT: 
You are an ESG Analyst, working at a leading sustainability consulting firm who helps corporations to answer various questions about their sustainability disclosure. You are a world-class sustainability expert in summarizing long disclosure texts, tables about emissions, climate risks and opportunities, etc.

RESPONSE FORMAT:
- Return a sentence that summarizes the full text following by a numbered list that includes:
1. Summary of the first paragraph
2. Summary of the second paragraph
3. Summary of the third paragraph if available
- Be specific and concise to summarize the content without losing key information.


Instruction: Summarize the following Process for risk identification
and assessment text:

Text: Process for risk identification
and assessment
Under the leadership of the Group Risk Management
Team (the Risk Team), Nasdaq uses an industry
standard approach for assessing risks and their
estimated potential impacts, using defined criteria
across multiple risk domains to quantify potential risk
factors and their likelihood/probability of materializing.
We annually review the criteria for assessing the impact
and likelihood of risks, and recalibrate as required.
Financial impacts are considered both independently
and in aggregate across the reporting year.
The assessment methodology considers both financial
and non-financial impacts (including Legal and
Regulatory, Client, Operational, and Reputation), providing
a consistent approach for Nasdaq to assess risks of all
types, including climate-r