Which of the following best describes a required action under "due diligence" in risk management?

Taking reasonable steps to identify and manage risks is the essence of due diligence in risk management. Due diligence requires leaders to actively assess not only the risks that their unit or organization might face but also to implement measures to mitigate those risks effectively. This involves conducting risk assessments, evaluating potential threats, and ensuring that appropriate strategies and resources are in place to handle any identified risks.

Due diligence is about being proactive rather than reactive; it emphasizes the importance of recognizing potential issues before they escalate. This proactive approach is vital for maintaining safety and operational effectiveness within a small unit, as it fosters a culture of awareness and responsibility regarding risk.

In this context, the other options, while relevant to the broader topic of risk management, do not encapsulate the core principle of due diligence as effectively. Implementing strict guidelines, for instance, may help in managing risks but doesn’t fully address the need for ongoing risk assessment or the flexibility required in dynamic situations. Setting deadlines for risk management tasks is a matter of time management rather than risk identification and mitigation. Creating comprehensive records of past risks can be beneficial for learning but does not constitute an active approach to mitigating current or future risks.