Which is not part of the risk management process?

The risk management process typically includes several key components aimed at identifying, assessing, and mitigating risks effectively. 'Discovery,' though it may refer to activities associated with identifying risks, is not formally recognized as a standalone phase in most standard risk management frameworks.

In contrast, responding deals with how to address and mitigate identified risks, framing involves establishing the context and environment for assessing risks, and monitoring focuses on continuous assessment and adjustment of the risk management process.

Therefore, the absence of 'Discovery' in the core structure of the risk management process highlights why this option is correctly identified as not part of the formal risk management framework.