Which of the following practices is most closely associated with risk monitoring?

The practice most closely associated with risk monitoring is reporting. Reporting involves the systematic communication of risk-related information to stakeholders, which is essential for ongoing risk management. It ensures that all relevant parties are aware of the current risk posture, trends, and any changes in the risk environment.

Effective reporting in risk monitoring includes details such as the status of risk mitigation efforts, any new identified risks, and the effectiveness of controls that are currently in place. This communication is vital for maintaining transparency and for making informed decisions regarding resource allocation, compliance, and strategic planning.

While assessment, mitigation, and analysis are critical components of the overall risk management process, they do not primarily focus on the continual monitoring and communication of risks over time in the same way that reporting does. Reporting acts as a bridge between risk identification and management, ensuring that everyone involved is kept informed and engaged in the ongoing risk management efforts.