Risk management is a process that involves identifying, analyzing and evaluating potential risks in order to develop strategies for their mitigation or elimination. It involves assessing the likelihood and impact of various negative events, such as financial loss, operational disruption, legal liabilities, etc., and taking appropriate actions to minimize their occurrence or reduce their consequences. Risk management is an essential part of decision-making in both personal and professional settings, helping individuals and organizations make informed choices that balance potential risks with opportunities for growth and success.