The risk management process follows a structured, sequential methodology. Risk analysis is a foundational stage within the broader risk assessment process. It involves developing a detailed understanding of the risk by determining its sources, consequences, and the likelihood of those consequences. The outputs of this analysis (e.g., the level of risk) are then used in the subsequent stage, risk evaluation, to make decisions about the significance of the risk and whether it requires treatment. Therefore, among the options provided, risk analysis must be performed before a risk can be evaluated, treated, or monitored effectively.

A. evaluate risk: This stage follows risk analysis. It uses the information from the analysis to compare against risk criteria and determine the risk's significance.

B. treat risk: This is the implementation stage that occurs only after a risk has been analysed and evaluated as unacceptable or requiring mitigation.

C. monitor risk: This is an ongoing activity that reviews the effectiveness of risk treatments and tracks changes, occurring after the initial assessment and treatment stages.

1. International Organization for Standardization (ISO). (2018). ISO 31000:2018 Risk management — Guidelines.

Clause 6.4

"Risk assessment

" explicitly defines the sub-processes in order: "Risk assessment is the overall process of risk identification

risk analysis and risk evaluation." This places risk analysis (6.4.3) before risk evaluation (6.4.4).

Clause 6.5

"Risk treatment

" and Clause 6.6

"Monitoring and review

" are presented as subsequent stages that follow the completion of the risk assessment.

2. CIPS. (2018). L5M2 Managing Supply Chain Risk: Course Book. Profex Publishing Limited.

Chapter 3

"The risk management process

" outlines the sequence as: 1. Risk Identification

2. Risk Analysis

3. Risk Evaluation

4. Risk Treatment. This official CIPS text confirms that analysis precedes evaluation and treatment.

3. Waters

D. (2011). Supply Chain Risk Management: Vulnerability and Resilience in Logistics. Kogan Page Publishers.

Chapter 4

"Risk Management

" pp. 59-61

describes the risk management cycle. The process is illustrated as a flow where 'Analyse Risks' is the step immediately following 'Identify Risks' and preceding 'Evaluate Risks' and 'Treat Risks'.