Final answer:
The initial step in the risk management process is to identify the risks, which allows for subsequent risk analysis, mitigation, and control.
Step-by-step explanation:
The initial step in the risk management process is C. Identify the risks. This involves the recognition and documentation of potential risks that could negatively impact the project or business endeavor. Without identifying risks, none of the other steps in the risk management process can proceed effectively. Identifying risks is essential because it lays the foundation for the subsequent stages, which include analyzing the risks, developing risk mitigation strategies, and monitoring and controlling risks throughout the project.
Once risks are identified, it becomes possible to achieve and apply appropriate strategies to manage those risks. It's important to know that as a professional, you are responsible for managing the risks and outcomes related to your process or project. Professionals must also analyze the risk involved in different types of financial assets and understand the considerations important to investors in the financial market, as part of a comprehensive approach to risk management.