What are the different states available out of the box for classic/standard Risk management?

The different states available out of the box for classic/standard Risk Management in ServiceNow include Draft, Assess, Respond, Review, Monitor, and Retired.

These states reflect the lifecycle of a risk from its inception to its resolution. The 'Draft' state indicates that a risk is being created and has not yet been fully defined. Once sufficient information is gathered, it moves to the 'Assess' state, where the risk is evaluated for impact and likelihood. The 'Respond' state involves implementing strategies to mitigate or exploit the risk. After taking action, the risk enters the 'Review' state, where the effectiveness of the response is assessed. It then progresses to 'Monitor,' where ongoing observation occurs to ensure the risk remains controlled over time. Finally, a risk may be marked as 'Retired' once it is no longer relevant or has been fully addressed.

This sequence is critical for ensuring that organizations can manage risks systematically and effectively, which is essential for maintaining compliance and reducing potential negative impacts on business objectives. Thus, the options provided that do not include 'Draft' as a state do not accurately reflect the standard configuration for risk management in the ServiceNow platform.