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Which of the following is NOT one of the steps in the risk management process? development Risk assessment Risk response control Risk response Risk identification Risk tracking

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The following that is not one of the steps in the risk management process is risk tracing.

What is Risk Management Process?

Risk management involves identifying, analyzing, and responding to risk factors that are part of an organization's life. Effective risk management means trying to control future outcomes as much as possible by being proactive rather than reactive. Effective risk management therefore has the potential to reduce both the likelihood of a risk occurring and its potential impact.

Responses to risks typically take one of the following forms:

  • Avoidance: Companies try to eliminate certain risks by eliminating their causes.
  • Mitigation: Reducing the expected financial value associated with a risk by reducing the likelihood that the risk will materialize.
  • Acceptance: In some cases, companies may be forced to take risks. This option is possible if the business unit is creating contingencies to reduce the impact of risk.

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