Define Key Concepts and Information Flows.Steps To Perform A HIPAA Risk Assessment.By the end, you will have the knowledge you need to guide your organization through a successful HIPAA Risk Assessment. In this article, I’m going to go in-depth on each step of the security risk assessment process. In short, there are 5 main steps in performing a successful HIPAA risk assessment including defining key concepts and information flows, defining threats and vulnerabilities, conducting an initial risk assessment, developing control recommendations, and conducting a residual risk assessment. One step towards good cyber hygiene is by performing a HIPAA risk assessment. In fact, recent security trends, point to ransomware continuing to be the #1 threat facing healthcare providers in 2021. Cyber security, specifically ransomware, continues to be a concern for healthcare professionals with 69% believing they are at risk for a data breach.