Which step involves the process of determining the likelihood of risks occurring?

The step that involves the process of determining the likelihood of risks occurring is risk evaluation. This stage is crucial as it assesses both the probability of risk events happening and their potential impacts on the organization or operation. During risk evaluation, various methods and tools are employed to analyze the identified risks, helping to prioritize which risks need immediate attention based on their likelihood and potential consequences.

Risk identification, on the other hand, focuses on recognizing and listing potential risks before they are evaluated. Monitoring refers to the continuous observation and review of risks and their response strategies after they have been established. Risk prioritization comes into play after evaluating the risks, where those with higher likelihoods and severities are ranked according to their urgency and importance for management. Thus, risk evaluation is key as it directly relates to ascertaining the likelihood of risks occurring and plays a vital role in effective risk management.