What are the 5 steps of the RM process to ensure compliance with the guiding principles?

The five steps of the Risk Management (RM) process to ensure compliance with guiding principles include:

1. Risk Identification: Determine potential risks that could impact compliance with regulations and standards.
2. Risk Assessment: Analyze the identified risks to evaluate their likelihood and potential impact.
3. Risk Mitigation: Develop and implement strategies to minimize or eliminate identified risks.
4. Monitoring and Review: Continuously monitor risk factors and assess the effectiveness of mitigation measures.
5. Communication and Reporting: Ensure clear communication of risks and compliance status to stakeholders, facilitating informed decision-making.