What aspect does qualitative analysis primarily focus on?

Qualitative analysis primarily focuses on the identification of loss exposures. This approach emphasizes understanding the characteristics and potential impact of risks rather than quantifying them in numerical terms. It involves gathering insights and information about various risk scenarios, which can encompass factors such as the nature of the risk, its potential consequences, and the stakeholders involved.

By concentrating on qualitative aspects, organizations can better identify vulnerable areas within their operations, assess the likelihood of various events occurring, and prioritize risks based on their potential impact on the organization, even if those risks aren't easily quantified through financial metrics. This process is crucial for developing effective risk management strategies, as it lays the groundwork for recognizing where attention and resources should be directed to mitigate potential losses.

The other options, while related to risk management, do not capture the primary goal of qualitative analysis, which is fundamentally about understanding and identifying risks rather than measuring or complying.