risk management practices

Risk management practices involve identifying, assessing, and prioritizing potential risks that could affect an organization or project. Once these risks are understood, strategies are developed to minimize, monitor, or respond to them. This can include avoiding the risk, reducing its impact, transferring it (e.g., through insurance), or accepting it if it's manageable. The goal is to protect resources, ensure safety, and enhance decision-making, ultimately helping organizations achieve their objectives while navigating uncertainties effectively.