Risk management is defined as the process of selecting and implementing ______ to achieve an acceptable level of risk at an acceptable cost.

Risk management is a critical process that involves identifying, analyzing, and prioritizing risks followed by the coordinated application of resources to minimize, monitor, and control the probability or impact of unfortunate events. Within this context, countermeasures specifically refer to the actions, strategies, or tools implemented to address identified risks and mitigate their potential adverse effects.

When selecting countermeasures, it is essential to ensure that they achieve an acceptable level of risk while remaining cost-effective. This aligns directly with the definition and purpose of risk management, as it aims to balance the benefits of risk reduction with the expenditures required to implement those measures. Hence, countermeasures are integral to the risk management process because they provide tangible solutions to manage risks effectively.

In contrast, while strategies and policies are important components that guide the overall risk management process, they do not encapsulate the direct actions taken to mitigate specific risks. Assessments, on the other hand, involve evaluating and analyzing risks rather than implementing solutions. Therefore, countermeasures accurately reflect the proactive steps taken to handle identified risks, making them the correct choice in this context.