What concept do experts refer to when managing risk that includes the phases of Identify, Assess, Control, and Review?

The concept referred to in the question is the "Lifecycle," which is a structured process that organizations use to manage risk effectively. The phases of Identify, Assess, Control, and Review represent a systematic approach to understanding and mitigating risks throughout their existence.

The lifecycle approach emphasizes that risk management is not a one-time activity but an ongoing process. The initial phase, Identify, involves recognizing potential risks that could impact the organization. After identifying these risks, the Assess phase evaluates their likelihood and potential impact. Control measures are then established in the Control phase to mitigate or eliminate the identified risks. Finally, the Review phase ensures that the risk management strategies remain effective over time and are adapted as necessary to respond to changing circumstances or new threats.

This systematic approach is crucial in cybersecurity and other areas, allowing organizations to maintain a proactive stance towards risk management and continuously improve their strategies based on lessons learned and new information.