The second stage of risk management is:  A. Establish the context  B. Analyse risks  C. Identify risks  D. Evaluate risks

The second stage of risk management is: B. Analyse risks.

Explanation:

In the risk management process, the steps are typically organized into a sequence that ensures each aspect of risk is thoroughly understood and managed.

1. Establish the Context (Stage 1): This is the first step where the goals, objectives, and criteria for risk assessment are defined. Understanding the environment and understanding stakeholder needs is crucial.

2. Identify Risks (Stage 2): After establishing the context, the next step is to identify the risks that could potentially affect the objectives. This involves recognizing potential events or situations that could have adverse effects.

3. Analyse Risks (Stage 3): Once the risks are identified, the next step is to analyze them. This includes assessing the likelihood and impact of each risk, helping in prioritizing them based on severity.

4. Evaluate Risks (Stage 4): In this step, the risks are evaluated against the risk criteria established in the context stage, leading to decisions on how to treat each risk.

Thus, "Analyse risks" is indeed critical as it determines not only how significant the risks are but also what actions should be taken to mitigate them.