What are the five steps of the risk management process?

The five steps of the risk management process are a systematic approach to identifying and mitigating risks effectively. The correct choice outlines these steps in a logical order and incorporates essential elements that are fundamental to risk management.

First, identifying hazards is crucial as it involves recognizing potential sources of harm that could affect individuals, property, or operations. This step lays the groundwork for any risk management strategy, as understanding what could go wrong is the first step in managing those risks.

Next, assessing hazards involves analyzing the identified risks to determine their potential impact and likelihood of occurrence. This assessment helps in prioritizing the risks so that the most critical ones can be addressed first.

The following step, developing controls and making risk decisions, includes creating strategies or measures to mitigate the identified risks. This may involve establishing policies, procedures, or physical controls to minimize exposure to risks. It is a key phase where decision-makers evaluate and choose the best courses of action to handle the risks effectively.

Implementing controls is the next step where the agreed-upon strategies are put into practice. This ensures that the measures designed to minimize risk are actively working within the organization.

Finally, supervising and evaluating involves monitoring the effectiveness of the controls that have been implemented. This ongoing assessment allows for adjustments and improvements over time