The term "risk assessment framework" in IT projects entails a structured approach to identify, analyze, and manage potential risks that could impact the success of a project. This framework typically involves several key steps, including risk identification, qualitative and quantitative analysis, risk prioritization, and the development of risk mitigation strategies. By systematically assessing risks, teams can improve decision-making, allocate resources more effectively, and enhance project outcomes. Customizable frameworks like NIST and ISO 31000 provide guidelines tailored to specific organizational needs.