The risk management process can be defined as which of the following?

Limiting risk management iteration to only the planning phase ignores that risks arise and change substantially during execution, monitoring and controlling, and closing phases where ongoing risk management is equally critical.

Baselining risk management at the beginning of execution implies it becomes static after that point, which contradicts the dynamic and continuously evolving nature of project risk throughout its life cycle.

Risk management is iterative throughout the entire project because new risks emerge during execution and monitoring, previously identified risks change in probability or impact, and risk responses must be continuously evaluated and updated from project initiation through closure to maintain effective risk control at every stage.

Updating risk management only in the execution phase excludes planning - where initial risk identification and response planning occur - and closing, where final risk reviews and lessons learned are conducted.