Absa Bank, a prominent financial institution in South Africa, is undertaking a risk assessment to assess the potential repercussions of a cybersecurity breach targeting its online banking platform. Acknowledging that such an event could lead to financial setbacks, harm to its reputation, regulatory sanctions, and erosion of customer confidence, the team is employing diverse models and simulation methods to gauge the expected loss (EL) and worst-case loss (WCL) outcomes. In light of this context, illustrate the prerequisites Absa must fulfil to effectively execute risk analysis.