The correct answer is D - Identify.
According to WGU Cybersecurity Architecture and Engineering (KFO1 / D488), the first step in risk management is identifying potential risks. Only once risks are identified can they be assessed, controlled, and reviewed. In this case, identifying potential data breaches, outages, and cost issues is the starting point.
Assess (A) happens after identification. Control (B) involves implementing responses. Review (C) happens later to check effectiveness.
Reference Extract from Study Guide:
"The first phase of risk management is risk identification, where potential threats and vulnerabilities are recognized and documented."
- WGU Cybersecurity Architecture and Engineering (KFO1 / D488), Risk Management Life Cycle