Which process involves identification and valuation of assets in order to determine their potential effect...

Business Impact Analysis (BIA) is the process that involves identifying and valuing assets to determine their potential effect on cloud operations. Managing Cloud documentation explains that BIA assesses how disruptions to systems, applications, or data impact business functions.

The process evaluates asset criticality, financial loss, operational downtime, and reputational damage. This information helps prioritize recovery strategies, define recovery time objectives, and guide risk management decisions in cloud environments.

Risk transfer shifts risk to third parties, vulnerability assessment identifies weaknesses, and out-of-band validation verifies controls independently. Therefore, business impact analysis is the correct answer.