Monitor risks
The monitoring and controlling process group in its entirety was designed to keep an eye on the execution of project work and to update, change, or adjust the plans to accommodate unknowns, or to better work to produce deliverables to requirements. The monitor risks process was designed to oversee the implementation of the risk responses, but the process is also intended to identify new risks as they occur during execution, tracking identified risks to make sure they are still relevant and that we are prepared were they to happen, and evaluating our risk processes to make sure we don't need to adapt how we are running the project and managing risks.
Note
If the exam question is asking about identifying new risks during some state of monitoring and controlling or execution and then asks you which risk process you are in, it isn't the identify risks process; it is the monitor risks process, since you are no longer in the formal planning processes.
You...