What are some common risk management practices?

What are some common risk management practices?

Common risk management practices include risk assessment, risk mitigation, and continuous monitoring.

Can you explain what risk assessment involves?

Risk assessment involves identifying potential risks, analyzing their impact, and prioritizing them based on severity.

What is risk mitigation?

Risk mitigation refers to strategies to reduce or eliminate risks, such as implementing controls or transferring risk.

How often should risk management practices be reviewed?

Risk management practices should be reviewed regularly, at least annually, or whenever significant changes occur.