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The process of recognizing potential risks and threats that could impact a decision or action. This involves understanding the likelihood and potential impact of various risks.
A systematic examination of identified risks to determine their likelihood and potential impact. This includes assessing the severity and probability of each risk.
Strategies and measures taken to reduce the likelihood or impact of identified risks. This can include risk avoidance, transfer, or reduction.
Deciding to accept a risk despite its potential consequences. This involves weighing the potential benefits against the potential risks.