Which option lists all the core components of risk management in operations?

• A. Hazard identification and mitigation only.
• B. Risk assessment and controls only.
• C. Monitoring and review only.
• D. Hazard identification, risk assessment (likelihood and consequence), mitigation planning, implementing controls, monitoring, and review.

Answer: (D)

Risk management in operations is a structured, ongoing cycle that starts with identifying hazards and ends with reviewing outcomes to learn and improve. The complete approach includes six interconnected steps: hazard identification, risk assessment that considers both likelihood and consequence, mitigation planning, implementing controls, monitoring how those controls perform, and reviewing the process to ensure effectiveness and adapt to changes. Each part builds on the previous ones: spotting what could go wrong reveals the risks; evaluating those risks shows which ones require action and how urgent they are; planning mitigations targets those risks; putting controls in place reduces exposure; monitoring checks that controls actually work in practice; reviewing looks at outcomes and informs any adjustments needed for future operations.

If you only identify hazards, you haven’t measured or prioritized risk or planned treatments. If you only assess risk, you haven’t put in place or checked controls. If you only monitor or review, you risk missing root causes or letting ineffective approaches persist. The strength of including all six components is that the process remains comprehensive, actionable, and adaptable to changing conditions, which is essential in dynamic operational environments.