When reviewing risk policies, what element should be evaluated last?

Evaluating the implementation status last in the review of risk policies is important because it provides a comprehensive view of how effectively the risk management framework is working in practice. By first assessing factors such as risk acceptance levels, control measures, and impact assessment, you set the stage for understanding whether the policies are relevant and adequately tailored to the organization's risk appetite and environment.

Starting with risk acceptance levels helps define the thresholds for acceptable risk, which guides the evaluation of control measures — examining whether the existing controls effectively mitigate identified risks. The impact assessment further informs the magnitude of risks and helps prioritize them based on possible consequences.

Once these key elements have been evaluated, reviewing the implementation status allows you to determine if the planned policies and controls are actually in place, operational, and functioning as intended. This last step ensures that the risk management strategy aligns not only with theoretical standards but with actual practices, thus providing a complete picture of the risk management landscape within the organization. This sequential approach enhances the effectiveness of the review process and ensures that any deficiencies in implementation can be addressed in the context of previously established acceptance levels and evaluated control measures.