The act of reducing or decreasing risk is referred to as risk management in the literal sense. It begins with the recognition and assessment of risk, then makes the best use of available resources to track and reduce it.
Uncertainty is typically a risk factor. The market's unpredictability (including changes in supply, demand, and the stock market), project failure, accidents, and natural disasters are a few examples of risks that organisations may be subject to. Depending on the type of risk, several tools are available to handle the same.
In order to manage risks effectively, it is ideal to use a risk prioritization method, where risks that have a high likelihood of occurring and the potential for significant loss are addressed first.
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