Identify risk areas, understand and assess the scale of risk, develop risk response strategy, implement strategy and allocate responsibilities, implement and monitoring, review and refine process

Identify risk areas, understand and assess the scale of risk, develop risk response strategy, implement strategy and allocate responsibilities, implement and monitoring, review and refine process

• A. CIMA's risk management cycle
• B. Risk governance framework
• C. Enterprise risk management process
• D. Strategic risk map

Answer: (A)

The risk management cycle is the best fit. It describes a continuous process where you identify risk areas, understand and assess the scale of those risks, develop a risk response strategy, implement the strategy and assign responsibilities, monitor what’s happening, and then review and refine the process. The sequence in the question aligns exactly with these stages, showing a repeating loop of risk handling across the organization. A governance framework focuses on oversight roles and decision rights rather than the step-by-step process itself. An enterprise risk management process covers risk management more broadly but doesn’t emphasize the cyclical flow as clearly. A strategic risk map is a visualization tool used to display risks against strategy, not the full iterative process of managing risk.

The risk management cycle is the best fit. It describes a continuous process where you identify risk areas, understand and assess the scale of those risks, develop a risk response strategy, implement the strategy and assign responsibilities, monitor what’s happening, and then review and refine the process. The sequence in the question aligns exactly with these stages, showing a repeating loop of risk handling across the organization.

A governance framework focuses on oversight roles and decision rights rather than the step-by-step process itself. An enterprise risk management process covers risk management more broadly but doesn’t emphasize the cyclical flow as clearly. A strategic risk map is a visualization tool used to display risks against strategy, not the full iterative process of managing risk.