Briefly explain the purpose of “Monitoring and Review” in a risk analysis process.

Monitoring and review helps with the following: • Ensuring that controls are effective and efficient in both design and operation. • Obtaining further information to improve risk assessment. • Analysing and learning lessons from risk events, including near-misses, changes, trends, successes and failures. • Detecting changes in the external and internal context, including changes to risk criteria and to the risks, which may require revision of risk treatments and priorities. • Identifying emerging risks.