The first step in the enterprise risk management process is
A) risk analysis.
B) implementing and monitoring the program.
C) risk identification.
D) selection of risk treatment measures.

Question

Quizplus · Accepted Answer

The first step in the enterprise risk management process is risk identification, which involves identifying potential risks that could affect an organization's objectives. Risk analysis (A) involves evaluating the potential impact and likelihood of identified risks, selection of risk treatment measures (D) involves choosing how to respond to identified risks, and implementing and monitoring the program (B) involves putting risk management plans into action and monitoring their effectiveness. However, none of these steps can be taken until risks are actually identified.

The First Step in the Enterprise Risk Management Process Is