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Risk Assessment involves systematically evaluating and understanding potential risks to an organization's technology and network security infrastructure, allowing for proactive measures to be taken in order to mitigate those risks. It plays a crucial role in Incident Response Planning by identifying vulnerabilities and threats before they can be exploited, enabling the creation of effective response plans that minimize damage and disruption. This process includes identifying critical assets, analyzing potential threats, evaluating vulnerabilities, determining risk likelihood and impact, and implementing appropriate countermeasures to reduce or eliminate those risks. By conducting regular risk assessments, organizations can ensure their technology and network security measures remain robust and up-to-date, effectively protecting their valuable information assets from both internal and external threats.