Which of the following activities BEST facilitates effective risk management throughout the organization?

Reviewing documentation is a preparatory step but does not actively identify, analyze, or manage risks across the organization.

Periodic risk assessments are a foundational and recurring component of effective risk management, systematically identifying new risks, re-evaluating existing ones, and ensuring that the organization's risk profile is continually understood and addressed across all departments and processes.

Performing a Business Impact Analysis (BIA) is a critical input for specific risk management aspects like business continuity, but it is only one component of a broader risk management program.

Performing frequent audits assesses compliance and control effectiveness retrospectively, serving as a monitoring activity rather than the primary proactive activity that best facilitates overall risk management.