When making risk decisions, what three steps are accomplished?

The three steps involved in making risk decisions, as outlined in the correct choice, focus on a systematic approach to managing risks. First, identifying control options is critical as it allows decision-makers to outline various methods or strategies that can mitigate or eliminate risks associated with a particular situation. This step ensures that there is a clear understanding of the possible avenues for effectively managing those risks.

Next, determining control effects is essential because it involves analyzing the potential outcomes that each control option may have on the risks identified. This step helps assess the effectiveness of each option and predicts how they will interact with the risks, allowing for a more informed decision-making process.

Finally, making risk decisions is the culmination of the previous steps, where the most suitable control option is selected based on the analysis of risks and their potential effects. This decision-making process is fundamental within risk management frameworks and ensures that choices made are well-founded and comprehensive. Each of these steps reinforces effective risk management and aims to minimize potential negative impacts on the organization.