What is step 3 in the risk management cycle?

The correct choice is developing controls as step 3 in the risk management cycle. This step follows the identification of hazards and involves creating measures to mitigate or eliminate the risks associated with those hazards. In this phase, various strategies and actions are formulated to minimize the likelihood of risks occurring or to lessen their impact if they do occur.

By having controls in place, organizations can ensure a safer environment and more effective risk management outcomes. This can include administrative controls, engineering solutions, or personal protective equipment, depending on the nature of the identified hazards.

Understanding that developing controls is a critical component emphasizes the shift from recognizing potential threats to actively managing them, ensuring that the framework for safety is not just theoretical but applied practically.