Which of the following is NOT part of the four-step risk management process?

The four-step risk management process typically includes identifying hazards, assessing risks, controlling hazards and risks, and checking or reviewing controls. Each of these steps plays a crucial role in managing potential risks effectively.

Identifying hazards is the first step where potential sources of harm are recognized. This is fundamental to any risk management strategy as it lays the groundwork for the subsequent steps.

Controlling hazards and risks involves implementing measures to mitigate or eliminate identified risks. These actions can range from using safety equipment to redesigning processes to minimize exposure to hazards.

Checking controls is the process of evaluating the effectiveness of the risk management measures that have been put in place. This ensures that the controls are working as intended and allows for adjustments to be made if necessary.

In contrast, assessing economic impact, while important in a broad context of decision-making in organizations, focuses specifically on the financial implications of risks rather than being a direct step in the risk management process itself. The essence of the question is to identify an option that does not align directly with the structural steps of evaluating and managing risks, which is why assessing economic impact is not considered part of the foundational four-step risk management process.