The implementation and monitoring of the risk management process is referred to as:

The implementation and monitoring of the risk management process is best defined as Risk Administration. This concept encompasses the ongoing processes involved in applying and managing risk management strategies within an organization. It involves organizing, directing, and coordinating the various activities related to risk management, including establishing policies, procedures, and controls to mitigate risks.

Risk Administration ensures that risk management efforts are not only implemented but are also continuously monitored and adjusted as necessary to respond to changing conditions and new risks. It aims to create a systematic approach for maintaining effective oversight and governance of risk management activities. By doing so, organizations can ensure that they are adequately prepared to address existing and potential risks as part of their overall risk strategy.

Risk Action refers more to specific activities undertaken to respond to identified risks, while Risk Control focuses on the measures taken to minimize or eliminate the impacts of those risks. Risk Assessment deals primarily with identifying, analyzing, and evaluating risks rather than the implementation and oversight aspects of managing them.