Which among the following is the MOST crucial part of risk management process? 

Answer options:

A. Risk communication
B. Auditing
C. Risk monitoring
D. Risk mitigation

A

Risk communication is a critical part in the risk management process. People are naturally uncomfortable talking about risk and tend to put off admitting that risk is involved and communicating about issues; incidents; and; eventually, even crises. If risk is to be managed and mitigated, it must first be discussed and effectively communicated throughout an enterprise. Incorrect Answers: B: Auditing is done to test the overall risk management process and the planned risk responses. So it is the very last phase after completion of risk management process. C: Risk monitoring is the last phase to complete risk management process, and for proper management of risk it should be communicated properly. Hence risk communication is the most crucial step. D: Risk mitigation is one of the phases of risk management process for effective mitigation of risk it should be first communicated throughout an enterprise.