Final answer:
Risk management is the identification and assessment of dangers and the preparation to minimize the impact of unfortunate events.
Step-by-step explanation:
Risk management is the identification and assessment of dangers and the preparation to minimize the impact of unfortunate events. It involves analyzing potential risks, evaluating their likelihood and impact, and implementing strategies to mitigate them. For example, a company may conduct a risk assessment to identify potential hazards in the workplace and then develop safety protocols to reduce the risk of accidents or injuries. Risk management is an essential practice in various industries to protect people, assets, and reputation.