Risk management is the systematic process of identifying, assessing, and prioritizing risks followed by the coordinated application of resources to minimize, monitor, and control the probability or impact of unforeseen events. In a civilian context, this involves analyzing potential hazards, implementing strategies to mitigate them, and ensuring preparedness for emergencies. The goal is to protect people, property, and the environment while ensuring operational effectiveness and compliance with regulations. Effective risk management enhances decision-making and fosters a culture of safety and resilience within organizations.
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