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/reflect, 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 recording of and reflection on results do not represent distinct stages. Recorded results may contain reflection (from a department meeting, for example) but may continue generating discussion indefinitely.