Which of the following is a component of risk assessment?

Identifying potential threats to operations is a crucial component of risk assessment. This process involves analyzing various factors that could negatively affect the organization's performance, resources, and overall business continuity. By systematically assessing these risks, a business can prioritize them based on their likelihood and potential impact. This helps in creating effective strategies to mitigate or manage those threats, ultimately ensuring that the organization remains resilient in the face of challenges.

The other options, while important aspects of business management, do not specifically pertain to risk assessment. Setting budgets for international projects relates more to financial planning, developing marketing strategies for new products focuses on market analysis and positioning, and establishing partnerships with local firms is about building relationships and networks rather than assessing risks. Therefore, identifying potential threats is uniquely aligned with the objective of risk assessment.