Determining, minimizing, and preventing accidental loss in a business, for example, by taking safety measures and buying insurance

Risk Management can be defined as Determining, minimizing, and preventing accidental loss in a business, for example, by taking safety measures and buying insurance

Explanation:

Risk Management identifies the potential risk, then it prioritizes the risk the business house is exposed to and then it addresses the risk faced by the business houses both in the short-term and the long-Term The risks, could stem from a variety of sources, like financial uncertainty, legal liabilities, strategic management errors, accidents and natural disasters.