What are the three levels that the risk management process is applied on?

The correct answer highlights one of the foundational aspects of risk management. The risk management process operates on three distinct levels, which are indicative of the urgency and significance of the risks being managed in different scenarios.

The level referred to by the answer encapsulates a type of decision-making that must occur rapidly, often in dynamic environments where immediate responses to risks are necessary. This is particularly important in operational risk management, where not addressing a risk swiftly can lead to significant adverse outcomes.

Understanding the context of risk management as being applicable in both urgent situations and more thorough assessments helps professionals grasp how to adapt their strategies based on the level of urgency (like time-critical situations). This flexibility in applying risk management principles enables organizations to adequately prepare for, identify, and respond to various operational risks effectively.

The other options relate to specific methodologies or levels of analysis within the risk management framework, but they do not directly capture the essence of operational responses required in the urgency of risk management scenarios. Thus, they do not fully encompass the breadth of the risk management process levels as related to timing and urgency.