Risk management is the process of identifying, assessing, and mitigating threats or uncertainties that can affect your organization. It involves analyzing risks’ likelihood and impact, developing strategies, roadmaps and/or matrices to minimize harm, and monitoring measures’ effectiveness. There are several strategies to address risks, such as:

• Risk Avoidance: Avoiding activities that could lead to potential risks;

• Risk Reduction: Minimizing the impact of risks rather than eliminating them completely. 

• Risk Sharing: Distributing the risk among multiple parties, such as through insurance or partnerships.

• Risk Transfer: Shifting the risk to a third party, like purchasing insurance to cover potential property damage.

• Risk Acceptance: Accepting the residual risk after all other strategies have been implemented.