Which statement correctly describes the risk management lifecycle process?

The risk management lifecycle process is typically structured to facilitate a systematic approach to managing risks effectively. The correct sequence begins with the initial step of identifying and planning, which involves recognizing potential risks and establishing a framework for assessing and managing them. This is crucial because the foundation of any risk management effort lies in accurately identifying what those risks are and planning how to address them.

Following the identification and planning phase, the next step is assessing the identified risks. This involves determining the likelihood and impact of those risks on the organization. Assessing risks helps prioritize which risks need immediate attention and which can be monitored over time.

After assessing, the process moves into the control phase. This stage entails implementing strategies and measures aimed at mitigating or managing the identified risks. Effective controls can reduce the potential impact of risks or entirely eliminate them.

Lastly, the review phase involves evaluating the effectiveness of the risk management strategies that have been put into place. This step is vital for continuous improvement, as it allows organizations to adjust and refine their processes based on what has been learned from past experiences.

This sequence of Identify and Plan, Assess, Control, and Review aligns with accepted risk management methodologies, making it the correct choice for describing the risk management lifecycle process comprehensively.