Which of the following would be a recommended action if a risk has been transferred?

When a risk has been transferred, the recommended action is to engage a third party to manage the risk. Transferring a risk essentially means that the responsibility and potential consequences associated with that risk are now with another party, often through contracts, insurance, or outsourcing. By engaging a third party, the organization can effectively mitigate its exposure to that risk, as the third party will have the resources and expertise to manage it.

This approach underscores the importance of collaboration and reliance on specialized entities that may offer better support in managing certain risks than the original organization could provide. It also allows the organization to focus on its core activities while ensuring that risks are handled by those who are best equipped to deal with them.

In contrast, options such as monitoring the risk internally or assessing the impact of the risk may become less relevant after the risk has been transferred, as the responsibility no longer lies with the original organization. Documenting the risk in a risk management plan would also not be as crucial since the risk owner's obligations have changed. Thus, engaging a third party is the most appropriate action in such scenarios.