The first phase of the risk management process is _____.

• A. Risk assessment
• B. Risk response
• C. Risk monitoring
• D. Risk identification

Answer: (D)

Verified step by step guidance

1. Understand the concept of risk management: Risk management is the process of identifying, assessing, and responding to risks that could impact an organization's objectives.
2. Learn the phases of risk management: The process typically includes risk identification, risk assessment, risk response, and risk monitoring.
3. Focus on the first phase: Risk identification is the initial step where potential risks are recognized and documented. This step is crucial as it sets the foundation for the subsequent phases.
4. Clarify the purpose of risk identification: The goal is to pinpoint risks that could affect the organization, categorize them, and ensure they are understood by stakeholders.
5. Review the options provided: Among the choices (Risk assessment, Risk response, Risk monitoring), none represent the first phase. The correct answer is Risk identification, as it precedes all other steps in the risk management process.