Risk management is defined as?

Risk management is a comprehensive process that involves identifying, assessing, and prioritizing risks, followed by coordinated efforts to minimize, monitor, and control the probability or impact of undesirable events. The correct answer highlights that risk management encompasses a set of coordinated activities that an organization undertakes to manage risk effectively across all aspects of its operations.

This goes beyond just focusing on a single area, such as business continuity practices, full data backups, or cybersecurity training. Instead, it recognizes that managing risk is an integral part of an organization’s overall strategy and involves various functions, departments, and practices working together. By engaging in coordinated risk management activities, organizations can better protect their assets, ensure compliance, and enhance their overall resilience against potential threats.