Which step is NOT part of the risk management process outlined in Module 3?

The step that does not align with the standard risk management process is the development of a risk strategy. The recognized elements of the risk management process typically include risk identification, which involves recognizing potential risks; risk response, which focuses on planning how to address identified risks; and risk monitoring, which entails ongoing surveillance to assess risk status over time.

In contrast, while developing a strategic approach to risks is critical in practice, it is often encompassed within the broader activities of risk response and planning rather than being defined as a separate distinct step. Thus, while strategy is an important aspect, it is integrated rather than treated as an independent phase of the risk management process.