Step 1 in the risk management process is: A. Understand the risk B. Identify the risk C. Analyse the risk D. Rank the risk
Question
Step 1 in the risk management process is:
A. Understand the risk
B. Identify the risk
C. Analyse the risk
D. Rank the risk
Solution
To determine the correct answer for Step 1 in the risk management process, let's analyze the options:
- Understand the risk: This step usually comes after identifying the risks, as understanding requires knowing what the risks are first.
- Identify the risk: This is typically the first step, where risks are recognized and documented.
- Analyse the risk: This step involves assessing identified risks, which follows the identification process.
- Rank the risk: Ranking comes after the analysis of risks has been conducted.
Final Answer
The correct answer is B. Identify the risk.
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