Risk management is the systematic process of identifying, assessing, and mitigating potential threats or uncertainties that could affect an organization’s objectives. It involves identifying potential risks, evaluating their likelihood and impact, and implementing strategies to either avoid, reduce, transfer, or accept them. The goal is to minimize negative outcomes while maximizing opportunities. Effective risk management enhances decision-making, ensures business continuity, and safeguards financial stability. It is a crucial practice in various industries, from finance to healthcare, helping organizations navigate an ever-changing and unpredictable business environment, ultimately promoting stability and long-term success.