The Tastie corporation has adopted the practice of reviewing the corporate risk data as collected on a monthly basis, as well as an annual, and 5 year basis.At the conclusion of the tax year, the Tastie risk manager runs an annual report to present the data risk management information collected and analyzed. Annually, this report is utilized to update the corporation's risk management plan to remain competitive and profitable.

Address the following questions with supporting detail:

What is it an advantage to periodically monitor a corporation's risk management treatment plan?

Why is current reporting of data crucial to the success of Tastie corporation?

Why would Tastie corporation choose to produce an annual report as well as monthly data reports?