Which of these actions represents a step in the risk management process?

The action that represents a step in the risk management process is physical inspection. This step is crucial because it involves a thorough examination of the physical aspects of a location, asset, or operation to identify potential hazards, risks, or vulnerabilities. By conducting a physical inspection, risk managers can collect valuable information about the environment and related processes, which is essential for assessing risks accurately and developing effective mitigation strategies. This process allows organizations to proactively address issues that could lead to losses or safety incidents.

While the other options may relate to risk management in different contexts, they are not foundational steps in the risk management process itself. For instance, social media investigation pertains more to reputational risk assessment rather than the core risk management steps. Insurance underwriting focuses on evaluating risks for insurance coverage rather than identifying and managing risks within a specific risk management framework. Risk retention strategies are more about decisions made after risks have been identified and assessed rather than initial steps in the risk management process. Thus, the physical inspection stands out as a vital step that directly contributes to identifying and managing risks.