What are the five basic steps of risk management?

The five basic steps of risk management are:

1. Risk Identification: Recognizing potential risks that could affect a project or organization.
2. Risk Assessment: Evaluating the identified risks to determine their likelihood and impact.
3. Risk Mitigation: Developing strategies to minimize or eliminate the risks.
4. Risk Monitoring: Continuously tracking and reviewing risks and the effectiveness of mitigation strategies.
5. Risk Communication: Sharing information about risks and management strategies with stakeholders to ensure awareness and preparedness.