Risk management is the process of identifying, assessing and prioritizing potential risks and taking actions to minimize, monitor, and control those risks. It involves analyzing the probability and potential impact of various risks, such as financial, legal, operational, strategic, and reputational risks and then developing strategies to mitigate them. Effective risk management helps businesses identify potential threats and opportunities, improve decision-making processes, reduce costs and losses, and ultimately improve overall performance and long-term sustainability.
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