What are the correct order of steps in a systematic process of risk management?

The correct order of steps in a systematic process of risk management typically includes: 1) Risk Identification, where potential risks are recognized; 2) Risk Assessment, which involves analyzing and prioritizing risks based on their likelihood and impact; 3) Risk Treatment, where strategies are developed to mitigate, transfer, accept, or avoid the identified risks; and 4) Monitoring and Review, which ensures that risk management strategies are effective and adjusted as necessary. This cyclical process helps organizations continually improve their risk management practices.