There are many different ways to characterize the assessment loop. A Google image search will give you some idea of the possibilities.
Here's a simple version based in part on the vocabulary employed in this wiki space.
But the terminology is less important than the idea that collecting evidence of student learning is only a meaningful enterprise when faculty reflect on the results and, when appropriate, take action on them.
Many versions of the assessment loop contain a reporting stage. The loop below substitutes a stage labeled record, in keeping with the recording model of assessment that the wiki makes possible. Programs own their own pages and use them to record assessment results; they do not complete and submit forms, as they would in a reporting model.
The ability of the wiki to store comments, becoming itself a locus of vibrant discussion about assessment results, means that the order of the "reflect" and "record" stages in the diagram below is arbitrary. In other words, reflection (in the form, say, of discussion in a department meeting), may be included in the recorded results, or added afterward in the form of comments, or both. Indeed, it can continue even after action has been taken and the cycle has been renewed.