What are the 5 steps to risk management?

The five steps to risk management are:

1. Risk Identification: Recognizing potential risks that could affect the project or organization.
2. Risk Assessment: Evaluating the likelihood and impact of each identified risk.
3. Risk Mitigation: Developing strategies to minimize or eliminate the risks.
4. Risk Monitoring: Continuously tracking risks and the effectiveness of mitigation strategies.
5. Risk Communication: Keeping stakeholders informed about risks and the measures in place to manage them.