Risk management is the process of identifying, assessing, and controlling potential threats or hazards that could affect an organization, project, or individual. This involves analyzing the likelihood and impact of such risks, developing strategies to mitigate or avoid them, and implementing protocols to respond effectively in the event that they occur. Risk management is critical in ensuring the success and sustainability of businesses, projects, and other endeavors by proactively addressing potential challenges and uncertainties. It is a multifaceted field that incorporates elements of finance, insurance, safety, security, and compliance, among others.