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The step indicated in the risk management process involves conducting research to better understand management and control methods. This approach is essential because effective risk management relies on a comprehensive understanding of potential hazards and the methods available to mitigate them. By researching these methods, organizations can develop strategies that are not only effective in controlling risks but also tailored to their specific circumstances.

This step ensures that decision-makers are informed about best practices, regulatory requirements, and innovative solutions that can enhance safety and efficiency. Robust research contributes to informed decision-making, which is crucial for effective risk management, allowing organizations to minimize their exposure to risks while maximizing safety for employees and stakeholders.

In contrast, ignoring past incidents would hinder the learning process that is vital for improving safety protocols. Expanding staff roles without training could increase the likelihood of accidents, as untrained individuals may not understand how to manage the risks associated with their new roles. Focusing solely on financial aspects overlooks the broader impact of risk management on safety, employee well-being, and overall organizational reputation. Hence, understanding and employing effective management and control methods through research is a fundamental step in the risk management process.