Risk management is the process of deciding how much risk can be accepted in a situation and how to control, reduce and manage that risk. In essence, it is about understanding the severity of a given situation and making an informed decision on whether or not it is worth the potential consequences.
Risk management is the process of understanding and managing the risks associated with an activity or event. It is the act of assessing, controlling and managing these risks in order to reduce the total risk of an activity or event.
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