Risk management is a process that involves looking at potential threats and opportunities in order to make decisions. The key components of risk management are identification, assessment, and mitigation of risks. These key components are used to ensure an organization's success in the long run.
Risk management can be broken down into three main components: - Risk assessment - the process of determining the probability that a risk will occur in a particular situation - Risk control - the process of managing risks by implementing appropriate measures to reduce their likelihood or impact - Risk communication - the process of communicating risk information to stakeholders so they can make informed decisions
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