Company X evaluated and improved its risk management and core processes by using the insights and recommendations provided by the _______________ activities.

The activities that Company X utilized to evaluate and improve its risk management and core processes through insights and recommendations are best identified as internal audit activities. Internal audits are systematic, independent examinations of an organization's activities, with the primary goal of assessing the effectiveness of risk management, control, and governance processes.

Internal auditors have the advantage of having in-depth knowledge of the organization's operations, allowing them to identify areas for improvement, evaluate compliance with policies and procedures, and recommend corrective actions tailored to the specific needs of the organization. This internal perspective is critical in fostering a culture of continuous improvement within the organization, ensuring that issues are addressed proactively, and enhancing overall risk management practices.

In contrast, external audits are typically conducted by third parties and focus on compliance rather than on internal process improvement. Second-party audits often refer to audits of suppliers or partners, primarily assessing their compliance with contractual obligations rather than internal operational effectiveness. Management reviews involve evaluating performance and strategic alignment, but they do not function in the same systematic and independent manner that internal audits provide, which is directly focused on risk management and core processes. Thus, internal audit activities are the most appropriate choice for deriving insights and recommendations for continuous improvement in Company X's operations.