Identify the term used for the process of alkaline hydrolysis of...

Natural oils and fats are esters of higher fatty acids with glycerol. The process of alkaline hydrolysis of these oils and fats using aqueous alkali (like $\text{NaOH}$ or $\text{KOH}$) produces sodium or potassium salts of fatty acids, which are known as soaps, along with glycerol as a byproduct.

This specific process of making soap through the alkaline hydrolysis of esters is termed saponification.

Answer: Saponification