Correct Answer: B
The risk management phase that helps in establishing context and quantifying risks is the risk assessment phase. This phase involves a detailed analysis of the potential risks to determine their magnitude and impact on the organization. It includes identifying vulnerabilities, threats, and the likelihood of their occurrence, which helps in understanding the overall risk exposure of the organization. The risk assessment phase is crucial for prioritizing risks based on their severity and for making informed decisions on how to address them effectively.
References: The information aligns with the Certified Network Defender (CND) course material and objectives, which emphasize the importance of the risk assessment phase in the overall risk management process12.