What step follows the implementation of controls in Risk Management?

In the context of Risk Management, the step that follows the implementation of controls is to supervise and evaluate their effectiveness. This phase is critical because it ensures that the controls put in place are functioning as intended and are achieving the desired outcomes in mitigating risks. By supervising and evaluating, organizations can monitor the processes, gather data, and assess whether the implemented measures are properly managing the identified risks.

This step also allows for adjustments to be made if the controls are not effective, thereby reinforcing the continuous improvement aspect of risk management practices. It helps to ensure that risks are not only managed at the outset but continue to be controlled as situations evolve and new challenges arise. Ultimately, this phase feeds into the cyclical nature of risk management, where ongoing evaluation and supervision can lead to further refinement of existing controls and the development of new strategies if needed.

The other steps mentioned, such as assessing hazards, developing new controls, and identifying new risks, do not directly follow the implementation of controls but rather are part of earlier or parallel processes in the risk management framework.