What is the BEST description for step three of the Risk Management (RM) process?

Step three of the Risk Management process is typically focused on risk evaluation. In this phase, identified risks are analyzed to determine their potential impact and likelihood, allowing organizations to prioritize them based on their significance. This evaluation helps in deciding which risks need immediate attention and which can be monitored over time, ensuring that resources are allocated effectively for risk mitigation. The goal is to create a clear understanding of the risk landscape to inform decision-making and strategy development.