Which of the following is NOT one of the four steps in the risk management process?

The correct answer, indicating which step is not part of the risk management process, focuses on the risk management framework's established components. The risk management process typically includes the steps of identifying hazards, assessing hazards, and developing controls and making decisions based on those assessments.

Implementing financial strategies, while an important aspect of managing resources and mitigating potential losses, is not one of the four core steps defined in the traditional risk management process. The primary objective of the risk management steps is to identify and assess risks, and then create and apply controls to mitigate those risks effectively. Financial strategies might be considered in the context of how to fund or support those controls, but they don’t form a foundational step in the risk management continuum.

Understanding this distinction helps reinforce the core principles of risk management, which focus on hazard identification and control rather than financial management as a standalone step.