Which of the following is NOT a step in the 5-step Risk Management Process?

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Multiple Choice

Which of the following is NOT a step in the 5-step Risk Management Process?

Explanation:
The key idea is that the Risk Management Process is about hazards and how to control them, not about spotting opportunities. In the five-step approach, you first identify potential hazards, then assess the risk they pose (looking at how likely and how severe they could be), then develop controls and make risk decisions, implement those controls, and finally supervise and evaluate to see if the controls work. Identifying opportunities isn’t part of this structured hazard-and-risk framework; it might come up in broader planning, but it isn’t a step in the formal RM process.

The key idea is that the Risk Management Process is about hazards and how to control them, not about spotting opportunities. In the five-step approach, you first identify potential hazards, then assess the risk they pose (looking at how likely and how severe they could be), then develop controls and make risk decisions, implement those controls, and finally supervise and evaluate to see if the controls work. Identifying opportunities isn’t part of this structured hazard-and-risk framework; it might come up in broader planning, but it isn’t a step in the formal RM process.

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