Of the risk mitigation steps, in which step does management determine the most cost-effective control(s) for reducing risk to the organization's mission?

The correct answer is found in the step where management actually identifies and selects the specific controls to implement. This step is crucial because it involves evaluating potential controls, aligning them with the organization's mission and needs, and determining which options provide the greatest reduction of risk at the most sustainable costs.

During this process, management must assess various controls based on their effectiveness, cost, and operational impact. Ultimately, the goal is to ensure that selected controls not only address identified risks but also do so in a manner that aligns with the organization's budget and resources. This makes the selection of controls a vital part of the risk mitigation strategy, as it directly influences how well the organization can protect its mission-critical functions against risks.

The other steps mentioned are important facets of risk management; however, they focus on different aspects such as analysis, responsibility assignment, or planning implementation. While cost-benefit analysis might evaluate the financial implications of controls, it does not constitute the actual decision-making or selection of controls. Similarly, assigning responsibility and developing a safeguard implementation plan are procedural steps that come after the selection of controls. Therefore, the selection of controls stands out as the definitive step where the most cost-effective measures are concretely determined.