Which step in the RM process involves evaluating the effectiveness of controls once implemented?

The step in the Risk Management (RM) process that involves evaluating the effectiveness of controls once they have been implemented is indeed the phase where supervision and evaluation take place. This phase is critical as it ensures that the controls put in place are functioning as intended and effectively mitigating the identified risks.

During the 'Supervise and Evaluate' step, the effectiveness of the implemented measures is monitored in real-time, and there may be adjustments or improvements recommended based on performance data or new insights gained through continuous assessment. It's not enough to simply implement controls; ongoing evaluation is necessary to ensure they remain effective and relevant.

The other steps in the RM process each refer to different aspects: identifying hazards focuses on recognizing potential risks, assessing hazards involves analyzing the risks associated with identified hazards, and developing controls pertains to establishing measures to mitigate those risks. However, it is the supervision and evaluation phase that specifically addresses the review and assessment of those measures after they are in place, confirming their effectiveness in safeguarding against potential threats.