Which of the following components is not involved in the Risk Management Process?

The correct choice is that setting goals is not a component of the Risk Management Process. The Risk Management Process focuses on identifying hazards, assessing risks, and implementing controls to mitigate those risks effectively.

Identifying hazards is essential as it involves recognizing potential sources of harm or adverse effects that could impact operations. This is the first step that lays the groundwork for the entire risk management process.

Assessing risks follows hazard identification and includes evaluating the likelihood and consequences of an identified hazard occurring. This assessment helps prioritize which risks need attention based on their potential impact.

Implementing controls refers to the actions taken to eliminate or reduce the risks associated with the identified hazards. This step ensures that adequate measures are in place to manage the risks effectively.

Setting goals, while important in a broader operational context, does not directly pertain to the formal steps of the Risk Management Process itself. Instead, it often falls under planning and strategic alignment rather than risk management specifically. Hence, it is not considered part of the core components of the Risk Management Process.