Which step in the risk management process involves risk elimination and risk transfer?

In the risk management process, the step that specifically involves risk elimination and risk transfer is the control phase. This stage is pivotal because it focuses on implementing strategies to either mitigate risks or manage them effectively.

During the control phase, an organization assesses the identified risks and decides on the most appropriate measures to deal with them. Risk elimination refers to taking actions to completely remove a particular risk from consideration, which may involve changing processes or eliminating hazards altogether. Risk transfer, on the other hand, involves shifting the potential impact of a risk to another party, typically through insurance or outsourcing, thereby reducing the financial or operational burden on the organization.

This step is crucial in promoting a safer environment and ensuring that risks are managed efficiently. By implementing appropriate controls through elimination or transfer, organizations can effectively reduce their exposure to potential hazards and enhance overall safety and health outcomes.

In contrast, the other options refer to different phases of the risk management process. Identification is focused on recognizing potential risks, evaluation involves assessing the significance and potential impact of those risks, and management monitoring relates to the ongoing observation of risks and controls implemented. Each plays an essential role in the overall process, but the control phase specifically encompasses the actions of risk elimination and transfer.