Final answer:
Risk management is the process of identifying, assessing, and preparing to minimize the impacts of unfortunate events, and it is vital in various sectors to proactively manage risks.
Step-by-step explanation:
The correct answer to the question is B. Risk management. Risk management is the identification and assessment of dangers and the preparation to minimize the impact of unfortunate events. It involves the strategic approach to managing risks by identifying potential problems before they occur and having a plan in place to address them. This is crucial in various sectors, including business, healthcare, engineering, and even in our personal lives.
While globalization, which is often associated with the integration of governments, cultures, and financial markets through international trade, affects risk management by introducing new types of risks, it is not synonymous with the concept. Instead, globalization presents unique challenges that risk management must adapt to, such as dealing with the interconnectedness of financial markets or mitigating risks from pandemics that can spread more easily due to increased connectivity among nations.