Risk management involves identifying, assessing, and mitigating potential risks that could negatively impact an organization. The process begins with identifying risks, followed by evaluating their likelihood and impact. Once risks are assessed, strategies are developed to manage them, such as avoiding, transferring, mitigating, or accepting the risk. Continuous monitoring and review are essential to adapt to new risks and ensure that management strategies remain effective. Effective risk management helps organizations minimize losses, seize opportunities, and achieve their objectives with greater confidence.