Which of the following steps involves assessing the risks associated with a mission in risk management?

The step that involves assessing the risks associated with a mission in risk management is indeed assessing risks. This step is crucial as it allows the coxswain or the leader to evaluate the potential consequences of identified hazards and determine the likelihood of those hazards leading to an incident. By carefully assessing risks, a coxswain can make informed decisions regarding the mission's safety, identify necessary precautions, and develop strategies to mitigate potential dangers.

In risk management frameworks, such as the STAAR and PEACE models, the initial steps include identifying options and hazards, but those steps do not focus specifically on the assessment of risks. Monitoring situations, while important for ongoing awareness during a mission, comes after risks have been assessed and does not deal directly with evaluating or quantifying those risks before undertaking a task. The assessment of risks is a vital part of ensuring that missions can proceed safely and effectively by understanding the nature and extent of potential threats.